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Housing Chartbook: December 2007
Mon, Jan 7 2008, 12:22 GMT
by Adam York, Mark Vitner
Downturn Sharper & Deeper, Where’s the Bottom?
Tightening credit underwriting standards have pushed the housing slump into a decisive new phase. We are now looking for deeper declines in sales and new construction and have also pushed the recovery out a few more months. Sales of new and existing homes are now almost entirely being driven by credit market concerns and affordability issues. Price declines are spreading beyond the formerly booming areas of California and Florida and we now expect outright price declines in all of the major national price indices in 2008.
The adjustments we have made to our housing forecast incorporate the recent disruptions in the credit markets and accompanying tightening in underwriting standards. Sales of new and existing homes plummeted late this past summer, when parts of the mortgage market seized up and several mortgage providers shut their doors. Conditions improved slightly this fall in the conventional mortgage market but there has been little to no improvement in the subprime market. Interest rates on jumbo mortgages also remain high relative to the benchmark 10-year Treasury note. The net result is that the markets for entry level homes and second homes have weakened considerably.
Published on Mon, Jan 7 2008, 12:22 GMT
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State Personal Income: Q3 2007
Mon, Jan 7 2008, 12:12 GMT
by Adam York, Mark Vitner
Income Growth Accelerated During the Third Quarter
Personal income growth accelerated during the third quarter, as strong growth in the
energy sector, mining, agriculture, and professional services more than offset a
slowdown in residential construction and mortgage finance. Overall income growth
expanded at a 5.8 percent annual rate during the third quarter and is up 6.5 percent
over the past year.
The state of Washington had the strongest income gain in the country during the
third quarter, with overall income surging at a 15.4 percent annual rate. The
unusually large gain reflects the value of stock grants by Microsoft, which is based
near Seattle.
Published on Mon, Jan 7 2008, 12:12 GMT
Archive
- Housing Chartbook: December 2007
Published On Mon, Jan 7 2008, 12:22 GMT - State Personal Income: Q3 2007
Published On Mon, Jan 7 2008, 12:12 GMT
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