Weak Housing Data Affirms Slowdown Expectations

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00018721-weak-housing-data-affirms-slowdown-expect/

By Julie Haviv, Reuters

A deluge of U.S. data showing an excessive supply of houses, declining demand and falling prices have many economists acknowledging a slowdown in housing has arrived.

“What we are seeing is a confluence of events…and what we will see is a general slowing or leveling off of housing demand over the next three to four months and into the early part of 2006,” Gerald Zukowski, deputy chief economist at Nomura Securities International, said on Thursday.

“There wasn’t much left in terms of consumers’ willingness and ability to buy houses with homes priced the way they were,” Zukowski said. “Clearly there are people that said if I am going to sell a house, I am going to do it now.”

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Weak Housing Data Affirms Slowdown Expectations

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