Historically June is one of the better months for all sectors of the housing market. This June was disappointing. All Housing Scorecard indicators except existing home sales declined in June. However, this is only one month of reporting. One needs to watch and see if this was an anomaly or an indication of the future of the housing market.

As indicated in previous months, the near-term outlook on the U.S. housing market remains unchanged - there are potentially several negative macro-factors for a robust housing recovery (based on historical long-term averages).

Why?

1) Lack-luster household formation,

2) a lack of well-paying jobs being created,

3) a sluggish economy,

4) declining real median annual household incomes ,

5) strict home loan lending standards,

6) new banking regulations, and

7) global uncertainty?

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