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The market is losing confidence housing will rebound in 2009

 

The nations largest home builders are beginning to lose confidence that the home building industry will make a turn around in 2009

The growing majority of home builders recently surveyed in the NAHB/Wells Fargo builders sentiment shows that home builders are growing increasingly pessimistic about the chances of a rebound into 2009. The challenges facing today's market will certainly test the financial strength of a number of builders as mortgage banks and lenders continue to lose their financial ground. Home builders have a number of reasons for concerns. The U.S. economy has slowed down significantly as high oil prices are pressuring the markets and causing inflation to spike. Mortgage rates remain very attractive, but mortgage lenders are much more cautious about the quality of the borrowers that are getting approved. Home foreclosures are up in almost every major market, providing tough competition for home builders. A number of builders have reported that home buyers are walking away from their home deposits at an alarming pace. One of the largest challenges the home building industry will need to overcome will be consumer confidence. The amount of negative news surrounding home values and the mortgage industry is not going to help to convince potential buyers to  enter the market any time soon. The sentiment could get a boost if proposed legislation is passed that would offer up to an $8,000 credit to new home buyers.

7-16-2008 ? LoanNetwork.com

 

 

 

 

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