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July 27, 2006

Glut of unsold new homes across US hits record high

The glut of brand new unsold homes for sale across the United States hit a record high in June, a government report showed, as some economists warned of a worsening market in coming months.

The latest data appeared to confirm a cooling trend in the housing market, following a boom and sky-rocketing prices of recent years that have priced many hopeful new home owners out of the market. In recent months, a steady rise in interest rates hikes has prompted a downturn in home buying.

The full article can be found here

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July 16, 2006

Forbes Most Overpriced U.S. Cities 2006

View them Here

For all of you from Tucson, looks like you've made the list this year! 

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June 22, 2006

Who Will Suffer in the 2007 Housing Bust?

According to this essay, by Charles Huge Smith, it will be the lower-middle class, a group who, he claims, fell victim to the "con" that was the housing boom.  In this well thought-out essay on his blog, he does a good job of walking the reader through the thought process for his proclamations, using exhibits and charts,  and his analysis makes sense.  Definitely a worthwhile read.

Excerpt: 

As I highlighted yesterday, it isn't the top 10% of households who will suffer in the 2007 housing bust recession. They control over 2/3 of the private wealth of the nation No, it's the 50% of households whose share of national wealth is a meager 2.5%. That 50% comes to about 150 million people.

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