The housing head fake, part 362
SACRAMENTO, Calif. (MMD Newswire) June 30, 2010 -- Keith Springer discusses the effects of the recent unemployment and foreclosure numbers on the individual investor.
According to Paul R. La Monica, "With unemployment still high and foreclosures remaining a big problem, the May numbers may be just another leg down in a long, painful collapse."
"People are in absolute denial about housing," said Keith Springer, president of Capital Financial Advisory Services, in Sacramento, Calif. "The plain truth is there are not enough people in the country to absorb all the homes out there. We had a blip from the tax credit but that was temporary."
Springer also pointed out that the recent "strength" in the stocks needs to be put into context. The SPDR S&P Homebuilders (XHB) exchange-traded fund, which includes builders, home furnishing retailers and other housing-related stocks, is down nearly 20% since the beginning of May, a bigger drop than the broader market.
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Keith Springer, President of Capital Financial Advisory Services, a SEC Registered Investment Advisory Firm, frequently provides commentary and analysis for various global and national media outlets. He has developed a proprietary process for successfully building tax-efficient retirement portfolios and has been providing specialty wealth management services for over 25 years.