Housing Chartbook: April 2010

Housing Still Faces a Very Long Road to Recovery While there has been a surprising bit of good economic news during the first few months of 2010, including stronger retail sales, a bounce-back in manufacturing activity, and even a small rise in nonfarm employment, most of the data on the housing sector continue to be extremely disappointing. The payback from the run-up in home sales this past … Housing Still Faces a Very Long Road to Recovery While there has been a surprising bit of good economic news during the first few months of 2010, including stronger retail sales, a bounce-back in manufacturing activity, and even a small rise in nonfarm employment, most of the data on the housing sector continue to be extremely disappointing. The payback from the run-up in home sales this past fall, which was the original deadline for the first-time homebuyers’ tax credit, has been even greater than expected. Sales of new homes have fallen during each of the past 4 months and in February fell to the lowest levels since statistics began being kept in 1963. Existing home sales have also tumbled in recent months, and mortgage applications for the purchase of a home remain exceptionally weak. Thank you for your interest in Wells Fargo’s Economic Commentary by Email. You are receiving this message because you have requested Economic Commentary information and updates sent via email. If you no longer wish to receive these emails, please click on the following link to access the Economic Commentary by Email registration page: http://www.wachovia.com/economicsemail.