Despite higher rates, collapsing mortgage applications, lower affordability, and fast money exiting the market, the NAR just won’t back off their exuberant optimism that it will all end well. With the biggest beat of expectations in 7 months, the NAHB sentiment index re-spiked back to 58 – levels not seens since November 2005. Only the NorthEast saw prospective buyer traffic drop notably (we are sto be blamed on the weather) as the survey saw a surge in the single-family-home-sales sub-index.
Yay – 8 year highs in optimism…
Seems a little overdone…
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/L8sBSq6P0pU/story01.htm Tyler Durden