Several important reports were released this week that have been used to take the ‘pulse’ of the housing industry. 

In all, the reports read as many expected:  housing weakness continues to sweep the nation.  The Fed’s Beige Book (July 25) reports that “most districts said that residential construction and real estate activity continued to decline.”  The Commerce Department reported that new single-family home sales fell 6.6 percent, the sharpest drop since January.  The National Association of Realtors (NAR) reported that existing home sales fell by 3.8 percent in June (to a seasonally adjusted annual rate of 5.75 million units). 

So, still don’t see the sun?  Read the rest of the article here to find out where the clouds part…