The National Association of Home Builders reported its members remain pessimistic about the housing market as the onslaught of homes facing foreclosures continued.
The NAHB's chief economist, David Seiders, says the housing market slump has pushed the economy into a "mild recession." The trade group has been pushing aggressively on Capitol Hill for legislation, such as a temporary tax credit for home buyers, arguing that doing so could stem the housing downturn.
"Measures that stimulate consumer confidence in the housing market, push the fence-sitters into the ring and put a floor under house prices can successfully halt the drag that housing is exerting on the national economy, and help stabilize financial markets at the same time," Seiders said.
Fitch Ratings has said that the housing market is likely to continue to contract throughout 2008, and could worsen further in 2009 if the economy slides into a sharp recession. The ratings agency said low mortgage rates, cheaper home prices and government proposals to aid the ailing industry will not be enough to spark a turnaround.
"Despite a few steps in the right direction, the
RealtyTrac also said more trouble is ahead.
Estimates of 750,000 to 1 million bank-owned properties hitting the market this year, or about a quarter of the homes up for sale, are expected to continue to slow sales and depress prices further in some areas.
Declining home prices and stricter lending requirements have exacerbated the foreclosure environment. Homeowners stuck in unmanageable mortgages aren't able to sell their homes or refinance into cheaper loans before their mortgage payments reset higher.
|
|
Foreclosure filings |
1 filing for every X household (rate) |
Change from Feb. '08 |
Change from March '07 |
|
| ||||
|
|
234,685 |
538 |
4.9% |
57.4% |
|
| ||||
|
|
649 |
3,251 |
-8.1% |
-19.5% |
|
| ||||
|
|
192 |
1,440 |
29.7% |
95.9% |
|
| ||||
|
|
9,199 |
283 |
-4.7% |
106% |
|
| ||||
|
|
1,210 |
1,053 |
-13.1% |
140% |
|
| ||||
|
|
64,711 |
204 |
20.7% |
106% |
|
| ||||
|
|
6,180 |
339 |
-8.3% |
-1.4% |
|
| ||||
|
|
2,126 |
674 |
-3.3% |
40.2% |
|
| ||||
|
|
192 |
1,994 |
-15.8% |
34.3% |
|
| ||||
|
|
307 |
921 |
-9.7% |
6,040%* |
|
| ||||
|
|
30,254 |
282 |
-6.8% |
112% |
|
| ||||
|
|
11,047 |
351 |
44.8%* |
63.2% |
|
| ||||
|
|
120 |
4,167 |
-16.1% |
84.6% |
|
| ||||
|
|
657 |
937 |
-14.6% |
85.1% |
|
| ||||
|
|
8,623 |
603 |
-1.5% |
10.3% |
|
| ||||
|
|
5,119 |
538 |
-0.5% |
18.2% |
|
| ||||
|
|
512 |
2,579 |
8.3% |
-11.7% |
|
| ||||
|
|
710 |
1,701 |
55.7% |
58.8% |
|
| ||||
|
|
691 |
2,733 |
45.2% |
-1.3% |
|
| ||||
|
|
626 |
2,923 |
-3.7% |
8.1% |
|
| ||||
|
|
196 |
3,526 |
-3.5% |
201%* |
|
| ||||
|
|
4,275 |
538 |
6.5% |
343% |
|
| ||||
|
Mass. |
5,573 |
486 |
42.7% |
59.4% |
|
| ||||
|
|
9,494 |
475 |
-13.4% |
10.3% |
|
| ||||
|
|
1,323 |
1,726 |
-15.8% |
63.7% |
|
| ||||
|
|
188 |
6,604 |
27.0% |
100% |
|
| ||||
|
|
3,368 |
779 |
-2.9% |
35.0% |
|
| ||||
|
|
154 |
2,805 |
-14.9% |
31.6% |
|
| ||||
|
|
274 |
2,828 |
18.6% |
-23.3% |
|
| ||||
|
|
7,659 |
139 |
24.2% |
61.7% |
|
| ||||
|
|
414 |
1,425 |
-35.6% |
260%* |
|
| ||||
|
|
4,482 |
775 |
-19.9% |
-6.2% |
|
| ||||
|
|
342 |
2,486 |
-32.1% |
4.9% |
|
| ||||
|
|
5,088 |
1,554 |
-3.0% |
37.1% |
|
| ||||
|
|
3,298 |
1,222 |
-18.6% |
1.8% |
|
| ||||
|
|
8 |
38,475 |
-63.6% |
-66.7% |
|
| ||||
|
|
11,273 |
448 |
8.5% |
37.1% |
|
| ||||
|
|
1,447 |
1,111 |
-19.2% |
27.2% |
|
| ||||
|
|
1,633 |
972 |
3.1% |
119% |
|
| ||||
|
|
2,900 |
1,880 |
20.1% |
-0.7% |
|
| ||||
|
|
398 |
1,130 |
-10.8% |
26.0% |
|
| ||||
|
|
932 |
2,120 |
33.5% |
174%* |
|
| ||||
|
|
16 |
22,051 |
-38.5% |
-50.0% |
|
| ||||
|
|
3,907 |
686 |
-21.2% |
22.9% |
|
| ||||
|
|
10,700 |
862 |
-12.7% |
-16.1% |
|
| ||||
|
|
1,230 |
733 |
-4.5% |
93.4% |
|
| ||||
|
|
2 |
154,779 |
-50.0% |
100%* |
|
| ||||
|
|
4,933 |
655 |
17.8% |
368%* |
|
| ||||
|
|
3,830 |
705 |
72.52* |
120.6% |
|
| ||||
|
|
68 |
12,909 |
74.4% |
-28.4% |
|
| ||||
|
|
2,073 |
1,222 |
-13.4% |
150.7% |
|
| ||||
|
|
82 |
2,917 |
28.1% |
720%* |
|
| ||||
|
*Actual increase may not be as high due to data collection changes or improvements | ||||
