Housing Debacle

“I suspect that we are coming to the end of the housing downturn, as applications for new mortgages, the most important series, have flattened out. I think that the worse of this may well be over.” - Alan Greenspan, October 1, 2006

Saturday, September 26, 2009

A decline in existing-home sales

Resales of U.S. homes dropped 2.7% in August to a seasonally adjusted annual rate of 5.1 million, the first decline in five months, prompting the National Association of Realtors to again plead for more taxpayer subsidies for their business. Most economists had not been anticipating a decline in sales. The median forecast by economists surveyed was for a small gain, to a 5.40 million annual rate.

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