The Real Estate Bubble

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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.

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This page contains a single entry by DaveH published on December 23, 2005 8:20 PM.

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