Interest Rate Roundup

Monday, June 11, 2007

Housing stories everywhere...

I guess this was the weekend when the greatest media minds got together and decided: "Let's really cover housing!" At least, that's what it looks like to me. Here are just a few of the stories to sink your teeth into ...

AP -- This story talks about how some buyers have been sitting out the downturn, waiting for sales and values to fall so they can buy at a better price.

US News and World Report -- This story talks about the "Spring of Home Sellers' Discontent," a phrase I actually used in an interview several weeks ago. The bottom line: Things still aren't looking good, with inventories running high and prices slumping.

Wall Street Journal -- This piece cuts to the chase, saying "Economists are giving up on the idea that the U.S. housing slump will be quick and relatively painless." For the life of me, I can't understand why anyone thought that in the first place. But that's just me.

Also, Harvard University's Joint Center for Housing Studies released its latest "State of the Nation's Housing" report. Here's a press release, and here is the report itself (large PDF link). The general conclusion: Low housing affordability, tighter mortgage standards, and a large inventory overhang will conspire to keep the market weak for some time, though ultimately, housing will recover.

Meanwhile, if you weren't up at the crack of dawn this morning, you can catch the quick CNBC segment on interest rates that I did here. The bottom line: I'm skeptical that we've seen the end of this bond market sell-off. I suppose only time will tell.


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