September Housing Data Analysis
Originally published by: Wells Fargo — September 7, 2011
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With overall economic growth sputtering, the exceptionally modest recovery we have seen so far in home sales is likely to become even more sluggish. Consumers are increasingly worried about their employment and income prospects, and fewer households intend to purchase a home over the next six months.
The drop in confidence has resulted in less buyer traffic. Several homebuilders noted a pronounced slowdown in buyer traffic in August. If this continues, we could see new home construction fall even further.
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