Analysts on Housing Market: Stable But Not Immune to Shocks
In addition to revealing he has a debate about “[w]hat’s fair and unfair” by himself “at 10 o’clock at night,” in regards to banks and the government, Bank of America Corporation (NYSE: BAC) CEO, Brian Moynihan, called the U.S. housing market “fairly stable” on Wednesday at a Wall Street Journal event. The paper provided coverage of his remarks.
The housing market, in Moynihan’s opinion, should not be evaluated based on the refinancing market, but through home sales. The housing market has been a key indicator for those watching the economic recovery since the recession, and as a result, many groups and government entities provide data, which at times appears contradictory.
Data compiled by the U.S. Department of Housing and Urban Development in the National Housing Market Summary said that year-over-year results for the second-quarter 2013 had increased across the board, but were generally down compared to first-quarter 2013. According to the summary, the second-quarter results “indicate the housing market recovery continues to gain strength, although regional variation exists.”