Nothing like getting to work on a Monday morning and finding no fewer than four dismal reports on the housing market in my "Inbox."
It's not like anyone thought housing recovered over the weekend (that was pretty clear from the precious few "Open House" signs in my neighborhood at least), but the outlook is deteriorating, and we're just a day away from getting what is expected to be a weak report on existing home sales for May.
Let's start with home prices from Fannie Mae's Economics and Mortgage market Analysis Group, which predicts additional home price declines through the third quarter before flattening out at the end of 2011. “Ultimately, the labor market holds the key to a housing recovery, but job growth is needed in order to activate housing demand,” said Fannie Mae Chief Economist Doug Duncan. “Hiring delays will continue to push out timing for the housing rebound.”