Builder are getting the point of this market

Here is the bad news for builders.......no new constuction

The January HMI fell one point to 15, its lowest point since June of 2009. Two of its three component indexes registered one-point declines, with the index gauging current sales conditions and the index gauging traffic of prospective buyers falling to 15 and 12, respectively. The index gauging sales expectations in the next six months held even, at 26.

The outlook is the new construction is at a stand still, and no one is even trying to build. The market is flooded with too much inventory. In the Hinsdale area there are closings coming and homes are going under contract. The prices are dropping. The month of January is always slow but with the Federal government $8000.00 incentive deadline fast approaching I thought we would see more activity. This is the message that no one is interested in moving with the program.
I will be watching to see if March picks up, in order to get closed by the deadline.