New Home Housing Starts Fall To 17 Year Lows
The U.S. Census Bureau and Department of Housing and Urban Development released a report showing the rate of May housing starts dropped to the lowest level in 17 years!
Single-family housing starts dropped to a seasonally adjusted annual rate of 975,000 in May. The rate was about 3.3 percent lower than the April 2008 estimate and was 32.1 percent below the May 2007 rate, according to the report. San Diego MLS home listings
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I remember in 2005 that It seems every month the paper reported that real estate sales were down by double digits though the values seem to be holding up. You would think an intelligent person would realize sales cannot drop by such a magnitude without values following.
Real Estate- San Diego
I believe a lot of people who purchased with subprime loans and were not really qualified have to accept the inevitable consequences and perhaps build up their savings and credit while renting until the next purchase opportunity.
San Diego Cosmetic
The downturn during the 1970s was caused primarily by Richard Nixon’s faulty economic policy. Among other things the imposition of widespread wage and price controls caused the extended recession of the 1970s we refer to today as stagflation. Oil prices played a role but it was the governments response that truly put the United States over the edge. Unless the Government takes draconian measures like Nixon did to insulate the economy it doesn’t make sense to compare today’s situation to that of the 1970s.
SD Clinical Researchers
If I predict recession every year I will get it right eventually.My understanding of economics is that something either goes up or it goes down. There are 50-50 odds to guess right. Some may guess 60% right but will eventually revert back to the mean. Its too bad this is a time when the system has been raped for every nickel and dime for the next few years.
Bail Bonds