Housing Tanks Even More

For those of you who need a ghoulish fix on economic data. Here’s a morsel:
Home builders’ mood shows more anguish than ever – MarketWatch

Yes that’s right. The National Association of Home Builders began tracking their members attitudes towards their industry’s outlook in 1985. Like a lot of people they publish an index to track that outlook. The index is a scale of between 1 and 100. With 100 presumably representing wild eyed optimism and 1 representing suicidal tendencies.

Well lock up the guns.

The index just fell to a record low of 9. That’s right 9. The high was 72 about three years ago.

And some people think real estate will recover soon! I would say it’s time to look for bargains, offer about half what is being asked for, even then you’re being generous. Then hold on. Someday that house will be worth something. Not just yet!!

Addendum: I expect housing starts to fall to 1940’s levels when we see the next numbers published. The housing industry is in a depression, not a recession.