No Signs Yet of Spring in the Housing Market
· Data on home sales released this week show that the housing market continues to face a number of challenges. Existing home sales fell for the third straight month, while new-home sales tumbled 14.5 percent.
· Despite weakness in sales, home prices continue to climb higher as distressed sales decline and builders face rising costs for lots, materials and labor.
· The manufacturing sector has emerged from its brief hibernation this winter. Durable goods orders rose 2.6 percent in March, while April purchasing managers’ indices are back firmly in expansion territory.economy