Sales of new homes posted the largest increase in 5 months in August. These numbers bring hope that the steep slide in the US housing industry may be leveling off. Read the entire article New Home Sales Rise by 4.1% courtesy of AOL Money & Finance.
Here is a link to an interesting article about the rising inventory of houses in various cities across the United States. Places like Pheonix Arizona and Miami Florida are seeing high inventories of homes on the market. Read the article on AOL Real Estate US Cities with Biggest Housing Inventories
Home builders confidence has dropped for the eighth consecutive month in September which is the lowest in more than 15 years. This has changed builders attitudes towards the market leaving them very cautious about the outlook for new home sales.
In an article on Marketwatch.com economists have predicted that the current housing market will bottom out in mid 2007 and recover sometime in 2008. David Seiders of the National Association of Home Builders is quoted in the article saying,
"The downswing in home sales and housing production should bottom out around the middle of next year before transitioning to a gradual recovery that will raise housing market activity back up toward sustainable trend by the latter part of 2008,"