The Real Estate Bubble
The Real Estate bubble seems to be bursting a bit.
From
Richard Bennett:
Housing bubble bursting
New home sales declined 11.3% last month, the biggest drop in more than a decade:WASHINGTON — New-home sales posted the biggest fall in nearly 12 years last month, while a strong surge in the volatile aircraft sector boosted demand for expensive manufactured goods.
Amid mounting interest rates, sales of single-family homes decreased 11.3% to a seasonally adjusted annual rate of 1.245 million, the Commerce Department said Friday. The plunge was the deepest since sales fell 23.8% in January 1994. Wall Street expected an 8.7% slide.
This is a good thing -- it will slow down development of farmland and it will give people a better chance to own their own house.
Posted by DaveH at December 23, 2005 8:20 PM