May Numbers Throw Cold Water on Hopes for Housing Recovery
After a few months of more encouraging data earlier this year, a slew of less-than-stellar May numbers threw cold water on hopes that the housing market could be finally turning around.
Instead, it seems the promising recovery has hit a plateau. Home sales and new construction activity retreated in May while delinquency and foreclosure rates ticked upward, peeling back progress made in late 2011 and early 2012.
Trulia's May housing barometer, which measures how far the market is on its way back to normal, fell to 35 percent, down from 37 percent in April. Since January, the barometer has hovered between the 33 to 37 percent range.