What passes for optimism on the housing market these days is a pale reflection of the glory days of five years ago. “Housing is dead,” writes MarketWatch’s Rex Nutting. “There is no doubt about that. Housing is as dead as a door nail.” The good news, such as it is, is that “housing is just too small to do any real damage to the economy any more,” he adds. Perhaps, but housing’s not likely to help any time soon either.
Even after five years of a nonstop housing recession, there’s little confidence that the sector is poised for a rebound. And after last week’s dismal news on sales of new single-family homes last month, some analysts wonder if a new round of trouble is coming for residential real estate.
Part of the problem is the glut of homes on the market, a byproduct of the Great Recession. The surfeit of supply is exacerbated by weakness in traditional sources of new demand to soak up the excess. As USA Today reports, “Many first-time home buyers are sitting on the sidelines of the U.S. housing market, hampering its ability to gain traction.”
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