Market Review and Outlook 4th Quarter 2010
Persistent mixed data has nurtured the uncertainty over a U.S. economic recovery. Recent numbers on residential housing suggest that home sales have bottomed out, yet excess supply remains a significant headwind. Further exacerbating this supply/demand imbalance is an anticipated increase in foreclosures as delinquency rates remain high. Employment has also shown few signs of improvement, and we anticipate the unemployment rate will remain relatively high over the next year.