Investors watch for signs of recovery
2009/05/26, 6:25 pm
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As the spring selling season moves into full gear, investors and economists will be watching the housing market closely for signs that the worst is over.

“We can’t right this ship if we don’t run off that inventory,” says Tommy Williams, president of Williams Financial Advisors in Shreveport, La.

Stocks rose more than 3 percent on May 4 following increases in pending home sales and construction spending. But a high inventory of unsold homes and increasing foreclosures are reducing demand, and that makes it hard for prices to stabilize.

“We are getting to the point of the year where we are getting into the peak home sales season,” said Kevin Shacknofsky, co-portfolio manager of the Alpine Dynamic Dividend Fund. “The numbers now will be far more important … it’s summer time.”

Source: The Associated Press (05/24/2009)


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