Consumer confidence
Consumers became even less optimistic in March, as the Consumer Confidence index fell to its lowest level in nearly a decade. The threat of war with Iraq (which hadn't yet begun when the data were gathered), a sluggish labor market, and a weak stock market weighed on the minds of those surveyed.
Existing home sales
Existing home sales fell 4% from their record-high level in January 2003. Still, February's monthly rate was the third best on record. The decline in the number of sales didn't adversely affect home values: Prices of existing homes were up in February.
Leading economic indicators
The probability of a quick economic recovery took a hit, as February marked the end of a four-month run of increases in the Leading Economic Indicators index. Six of the 10 indicators used by The Conference Board declined.
Second mortgage interest rates
Homeowners still found favorable interest rates to finance remodeling projects. Second mortgage interest rates averaged 4.75% in March, the second month in a row at that level. However, the rates rose in the latter half of the month.
Building material prices
The surge in energy prices has affected prices for many products, and especially for those with a petrochemical base. The indices for materials such as insulation and softwood lumber rose markedly in February.