成人小说亚洲一区二区三区,亚洲国产精品一区二区三区,国产精品成人精品久久久,久久综合一区二区三区,精品无码av一区二区,国产一级a毛一级a看免费视频,欧洲uv免费在线区一二区,亚洲国产欧美中日韩成人综合视频,国产熟女一区二区三区五月婷小说,亚洲一区波多野结衣在线

立即打開
Think housing is recovering? Think again.

Think housing is recovering? Think again.

Kit R. Roane 2010年05月31日

????Americans purchased homes at a surprising clip in April, but don't let that fool you into thinking the housing market is back.

????Although economists were expecting a month-over-month increase of 5.5%, the National Association of Realtors reported yesterday that sales of previously owned homes rose an unexpected 7.6%. That continued a yearlong rise in housing activity and marked the highest number of sales recorded since November of last year.

????It also follows a drumbeat of similarly rosy economic news signaling the possibility that the United States may be on the economic mend. Government spending has helped spur factory production. A rising stock market and an improving job market have led to greater consumer optimism, which has stimulated spending. Further reports on housing and durable goods orders, due out later this week, will likely give consumers even more reason to feel confident that a recovery is at hand.

????But prospective home buyers, particularly those tempted to think of real estate as an investment again, should tread with caution. One critical obstacle to a housing recovery remains intact: supply. Until the number of empty homes starts to shrink, prices could still fall further.

????Moreover, notes Joseph Foudy, a professor of economics and management at NYU's Stern School of Business, we're coming off of an artificial bump from the first time home buyer credit, which expired last month. He predicts the second half of this year will see sluggish economic growth and that housing prices, at best, will be flat for the next few months, while commercial real estate "is likely to see significant declines."

Government life support

????Indeed, first-time buyers accounted for nearly half of the homes purchased in April. Buying has also been spurred by historically low mortgage rates, which have been kept modest by the Federal Reserve's recently expired $1.25 trillion mortgage-securities purchase program and by lenient lending standards at the Federal Housing Administration (FHA). In all, the US government, through Fannie Mae (FNM, Fortune 500), Freddie Mac (FRE, Fortune 500) and the FHA, underpins about 95% of the mortgage market. "This is a market purely on life support, sustained by the federal government," noted FHA's head, David Stevens, at the Mortgage Bankers Association conference yesterday. His agency is tightening lending -- which could take more buyers out of the market.

????Optimists are pinning their hopes on a continuation of low mortgage rates. They note that rates could remain low because of concerns that debt problems in Europe portend a wider slowdown. Low rates help to reinforce demand. But even if these optimists are right, low rates only have so much of an effect. Despite the average 30-year rates now hovering around 4.8%, the Mortgage Bankers Association noted last week that the number of people seeking mortgage purchase applications had dropped more than 27%, reaching a level last seen in May 1997.

????More importantly, what underpins those low rates also matters. Housing prices are unlikely to rise if unemployment does, or if incomes stay stagnant. And concerns in Europe could end up destabilizing housing prices further, which would dent consumer confidence -- not a good cycle to begin a recovery.

????Also, an unintended consequence of the European debt crisis is that Libor, the benchmark borrowing rate that banks charge each other, has been on the rise, with Citigroup saying recently that it could end up a full percentage point higher within the next few months.

????That would be bad news for the real estate market in a number of ways. Libor sets the rate for about $370 trillion in debt-related financing worldwide, including a host of consumer credit cards, home equity lines, student and small business loans, and adjustable-rate mortgages, as well as derivatives, such as credit swaps. A rise in Libor would mean higher rates on adjustable-rate mortgages. More importantly, it could raise the debt load of already-strapped consumers, reducing spending and further increasing mortgage delinquencies.

掃碼打開財富Plus App
午夜福利理论片在线观看播放| 亚洲欧美日韩国产综合点击进入| 男人搡女人搡到高潮视频| 久久久精品久久久久久96| 愛妃影视?无码国产精品一区二区| 欧美午夜一区二区福利视频 | 亚洲人成自拍网站在线观看| 日韩在线一区二区三区观看| 最新国产乱人伦偷精品免费网站| 亚洲欧洲国产欧美一区精品| 国产精品中文久久久久久久| 国产日产欧洲无码视频精品| 国产成人精品久久一区二区三区av| 久久久久久中文字幕| 9 9久热RE在线精品视频| 美日韩少妇无码精品视频| 99精品欧美一区蜜桃在线| 国产乱人伦偷精品视频AAA| 国产免费无码午夜福利| 片多多免费观看高清电影| 国产制服丝袜一区二区三区 | 久久99国产综合精品| 日韩av片无码一区二区三区| 女人国产香蕉久久精品| 大伊人青青草原精品首页| 国产成人咱精品视频免费网站| 日韩人妻精品有码不卡无码| 狠狠躁天天躁夜夜躁婷婷| 亚洲精品中文字幕无码专区| 蜜臀精品无码AV在线播放| 亚洲国产成人片在线观看直播| a级国产乱理论片在线观看| 电家庭影院午夜| 亚洲AV片在线观看| 亚洲性夜色九九九久久久| 中文字幕不卡在线观看| 亚洲国产精品无码久久久秋霞1| 亚洲AV无码成人专区片在线观看| 久久99精品久久久久久水蜜桃| 午夜成人爽爽爽视频在线观看| 日韩一级 片内射视频播放|