Homebuilder sentiment flat for March
Posted March 19, 2012 3:50 p.m. EDT
A relatively light week in terms of new data, however we will focus on housing this week with New and Existing Home Sales Data to be delivered later in the week. We ended up last week with a slight decline in the Consumer Sentiment report, indicating that perhaps gas prices are starting to take a toll on the positive psyche we’ve seen gaining momentum over the past couple of months.
Homebuilder sentiment was released earlier today, and while flat for March, it sits at its highest level in six months, and twice as high as it was six months ago. Homebuilders across the nation are still concerned with certain regional areas that have high distressed inventory levels. Concerns also surround the fact that some homebuilders and consumers are unable to get a steady flow of new credit.
Mortgage Rates are under pressure again today, as we’ve now seen the 10 year Yield climb to 2.38 by mid-afternoon trading.