Observer: US Housing Slump Fuels Crash Fears

Key snips:

The downturn in the US housing market will force businesses to slash 73,000 jobs a month in the new year.

The number of new homes sold in July was 22 per cent lower than a year earlier.

The number of unsold new homes is now at a 10-year high.

Morgan Stanley predicts that the property slowdown will shave at least 2 percentage points off GDP growth next year, taking the US perilously close to recession. 






One response to “Observer: US Housing Slump Fuels Crash Fears”

  1. Donna Avatar

    Nobody’s answering because they are pretending not to be aware that the bubble has burst. It’s like that poem from Yeats, the middle could not hold. I have known this was inevitable for over a year now, but that is just because I live in an area where the median income is pretty low and the housing prices were getting insane. Also I work for a nonprofit that helps those with low income. I call it the working poor trying to uplift the poor. We have been getting a lot of business lately. I rent, so I got really weirded out when I started realizing that the only way I was going to be able to buy a home is by profiting from somebody elses misfortune; you know, buying a house that has been foreclosed on because somebody’s arm rate just skyrocketed. Sad…. On the other hand, if this would just continue to spiral until November. Moohahaha.

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