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.
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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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