FT.com / World - Downturn in US housing market worsens

FT.com / World - Downturn in US housing market worsens: "The crisis in the subprime mortgage market contributed to an 11 per cent fall in sales nationwide in the second quarter, according to the National Association of Realtors. The National Association of Home Builders has only once registered a worse mood than that recorded in its latest monthly survey yesterday. David Seiders, chief economist at the NAHB, said conditions were worsening because “problems in the subprime mortgage sector have spilled over to other components of housing finance, including [more mainstream loans]”. Brian Catalde, president of the association, said: “Builders realise that issues related to mortgage credit cost and availability have become more acute, filtering some prospective buyers out of the market and prompting others to delay their decision to purchase a new home.”"