It may come as no surprise that the subprime meltdown continues to have ripple effects in the housing market. Today's news: "Problems in subprime mortgages caused a sharp drop in home sellers being able to find buyers for their homes in March, according to a trade group report Tuesday that showed the battered real estate market was much weaker than expected." Full story: http://money.cnn.com/2007/05/01/news/economy/homesales/.
The story has a lot of good (but expected) information. For example, "'Although the weather improved in March, we're starting to see the effects of a decline in subprime lending and tighter lending standards,' said a statement from David Lereah, the chief economist for the trade group."
Also, the article reports that Centex, Pulte and DR Horton are all experiencing pain as the spring buying season hasn't kicked in to full gear. On a positive note, Lennar and KB Home both saw black ink from the most recent reporting period.
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