Spring has not alleviated the woes of the housing industry. From Monday's press: "Recovery of the U.S. market for new homes could take another year if trouble in the adjustable-rate subprime mortgage market spreads to other types of residential lending, credit-rating agency Standard & Poor's said on Monday."
Another year to recovery! That's going to hurt builders, which necessarily bleeds over into other areas of the economy. The gloomy news continues: "'We do not expect to see a recovery for most rated home builders until 2008, under the best of circumstances,' the rating agency said in a research note. 'In fact, a rebound could easily slide into 2009 if a subprime contagion spreads to the Alt-A and prime products.'"
Full article: http://www.reuters.com/article/bondsNews/idUSN2326950620070423
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