NAHB Homebuilders Survey Released at 10:00 AM Monday; Housing Starts at 8:30 AM on Tuesday
Posted on | July 19, 2010 | Comments Off
With the weekend over we have a lot to look forward to on Monday morning. The July NAHB Homebuilders survey will be published at 10:00 am and most analysts feel that we will see a low reading comparable to June. The Index dropped 5 points in June to 17. The drop in June snapped a winning streak of two monthly gains as we are all the way back to February levels. With the expiration of the first time home buyer tax credit weighing on homebuilders do not be surprised to see a low number for the month of July.
On Tuesday at 8:30 am we will get the housing starts data for June. The overall consensus is for a drop of 13,000 to 580,000. As Calculated Risk points out this number could be even lower than the 580,000 number. Once again, the low demand from new home buyers is partly due to the economy and partly due to the expiration of the first time home buyer tax credit.
Although the first time home buyer tax credit helped to spur on sales during the last year we are now seeing what happens when there are very few government incentives for buyers. With home prices still dropping in some areas new home buyers are not as interested in sinking their hard earned capital into a home that could decline 20% in value very quickly.
Author: Alan Lake
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