Home, shit, home!
"Home sales fall to a 12-year low; Housing market's in a free fall, one economist says" by Associated Press | December 29, 2007
WASHINGTON - The housing market plunged deeper into despair last month, with sales of new homes plummeting to their lowest level in more than 12 years. The slump worsened even more than analysts expected, heightening fears of a recession.
Richard Yamarone, economist at Argus Research:
"It was ugly. It is the one sector of the economy that doesn't show any signs of life. It doesn't look like there is any resuscitation in store for housing over the next year."
Mark Zandi, chief economist at Moody's Economy.com:
"I think you can classify what we are seeing in the housing market as a crash. Sales and home prices are in a free fall."
The housing market has been suffering through a severe slump following record-breaking activity from 2001 through 2005. Sales turned weak, as did home prices. The boom-to-bust situation has increased dangers to the economy.
Boom-to-bust is what the globalist masters of this thing had planned all along.
Foreclosures have soared to record highs and probably will keep rising. A drop in home prices left some people stuck with balances on their home mortgages that eclipsed the worth of their homes. Other home buyers were clobbered as low introductory rates on their mortgages jumped to much higher rates.
Problems in housing are expected to persist well into 2008 - a presidential election year. The big worry is that the housing and credit troubles will force individuals to cut back on spending and businesses to cut back on hiring and capital investment, throwing the economy into a tailspin."
Great economy we got going, huh, reader?
