U.S. housing market staring into face of perfect storm: expert

NEW YORK, March 29 (Xinhua) -- The U.S. housing market is currently "staring into the face of a perfect storm," which is a "bad sign" for the American economy, Fox Business on Friday quoted National Association of Home Builders CEO Jerry Howard as saying.

"Our own Wells Fargo NAHB Housing Market Index (HMI) declined three points this month because builders are saying things are going to 'dry up.' You've got a combination of the costs ... regulatory compliance and now at the other end of the pipeline, interest rates are going up," said Howard.