Today, the National Association of Home Builders (NAHB) released their latest Housing Market Index (HMI) showing a flattening for most measures with the "buyer traffic" index remaining near record lows as home builders continue to plod through the weakest activity seen in generations.It's important to recognize that currently the HMI index is showing a slight year-over-year gain but still remains very near the lowest levels seen in over 20 years, a testament to the significance of the latest pullback.
The new home market will likely not resume any significant form of healthy function until the considerable overhang of inventory is cleared.
