Positive forces at work in housing market

The CEO of one of the nation’s largest homebuilders has a positive feeling, even though Hovnanian stock fell yesterday as reports showed mortgage applications dropped last week as interest rates rose.

When you look at the MLS data for many markets today you see two positive forces at work. First you see absolute sales numbers have picked up and second you see inventory levels have come down. In some markets you could almost make the case that the month’s supply has corrected too much. Believe it or not, by normal standards there is actually a shortage of homes based on the current sales pace in certain markets including some of the markets that were the most over supplied not long ago.

via Hovnanian Enterprises, Inc. F2Q09 (Qtr End 04/30/09) Earnings Call Transcript — Seeking Alpha.

You can get a good feel for housing market changes by following our Castles & Coves section on Iwanna.com.


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