Singles Cruise Lines

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

Three quick news items about housing, all of them indicating we’re not near the bottom:

Trouble in Detroit: Auto sales in June were really bad, notably for GM (down 24% -- Ouch). What does that have to do with housing? Construction workers and home builders aren’t building as many houses, so they don’t need new trucks. And homeowners aren’t pulling as much money out of their houses in cash-out refinancings, so they have less to spend on new cars. Bottom line: Housing is hurting the economy.

Cold Feet: Reuters via CNBC: ‘Pending sales of existing U.S. homes in May unexpectedly fell to their lowest level in more than 5 1/2 years, data from a real estate trade group showed on Tuesday in a sign of continued weakness in the housing sector.’

Late Again: AP via CNBC: ‘Late payments on home equity loans climbed to a 1 1/2-year high in the opening quarter of this year, while delinquencies on credit card bills fell, painting a mixed picture of how people are managing their debt.’

Comments? Thoughts? Insights?
Photo Credit: Reuters