Beverly Hills Real Estate blog Thursday 4-02-09

By
Real Estate Agent with Nourmand & Associates

The Beverly Hills Real Estate blog www.patandmelody.com

 Thursday morning low clouds and fog clearing to a cooler day 68 is forecast for downtown.  Good morning and welcome to the Beverly Hills Real Estate blog www.patandmelody.com

 U.S. stock futures pointed to a higher open, up 200 at check in time this morning, over optimism the G20 meeting underway in London will agree on ways to temper the economic crisis.

 Financial shares rose as they are closely linked to the strength of the global economy.

 Tiger vs Phil round one today from Houston live on Golf Channel at noon.

 Real Estate news: From CAR...

 BUILDER SENTIMENT UNCHANGED IN MARCH

Builder confidence in the market for newly built single-family homes remained unchanged in March as economic woes continued to take their toll on potential buyers, according to the most recent National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI held steady at 9 in March, marking a fifth consecutive month of single-digit readings.

"The economy continues to be the main drag on home sales activity right now, in terms of consumer confidence across most of the country," said NAHB Chief Economist David Crowe. "What's more, home builders report that tight credit conditions are posing a further hurdle, especially for potential first-time buyers, while potential trade-up buyers are finding it very tough to sell their existing homes so they can make a move."

Derived from a monthly survey that NAHB has been conducting for more than 20 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales, and sales expectations for the next six months, as "good," "fair," or "poor," where any number over 50 indicates that more builders view conditions as good than poor.

Two out of three of the HMI's component indexes were unchanged in March, with the index gauging current sales conditions holding at 7 and the index gauging sales expectations in the next six months holding at a record-low 15. Meanwhile, the index gauging traffic of prospective buyers declined two points to 9, according to the report.

 That's it for today, see you tomorrow!

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