Housing Market Still on Decline
The slump in the housing market, which has created problems not only for trucking companies hauling construction materials but for those in many other areas as well, is not yet showing signs of recovery
The slump in the housing market, which has created problems not only for trucking companies hauling construction materials but for those in many other areas as well, is not yet showing signs of recovery.
According to the American Trucking Associations' economists, the latest housing data indicates that the housing market has yet to hit bottom. In March, new home sales dropped 8.5 percent to a seasonally adjusted annual rate of 526,000, the slowest pace since October 1991. Compared with March 2007, sales of new homes plummeted 36.6 percent.
Sales of existing homes fell 2 percent in March, the seventh decline in eight months. Existing home sales were off 19.3 percent from March 2007. The National Association of Realtors also said that the median price of an existing home was down 7.7 percent from a year earlier.
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