More negative news for the housing market that pointed to slow down in housing market. The U.S. leading index, a key barometer of economic conditions, decreased by 0.7 percent in September. [Inman News]
In September, the largest negative contributors to the leading index were the index of consumer expectations and initial claims for unemployment insurance. The growth rate of the leading index has been slowing down steadily from a peak growth of about 10 percent at the end of 2003, and it is now fluctuating in the 0.5 to 1.5 percent annual rate range in recent months.
NVR, Inc., Homebuilder, reported that orders in the Washington DC region drop by 19% from the third quarter of this year. This region is the only area where NVR said their housing orders drop, they're doing well in other parts of the country. [Washington Post]
Interest rate hikes help slows down the housing market frenzy. 30-year mortgage interest climbs over six percent. Plus -- demand for rentals is up. According to National Multy Housing Council, for the ninth quarter in a row, NMHC sees rising rents, increased sales volume and equity availability. [Inman News]
All the negative news coming out this week should be great news for buyers. This is the moment they've been waiting for to buy low.
Related links:
Orders are Down by 19%, Home Builder Says [Washington Post]
Economic Indicators Point to Slow Down [Inman News]
Apartment Market Conditions Improve [Inman News]
30-Year Mortgage Climb Up [Washington Post]
