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Tuesday, February 28, 2006
Speaking of Bursting Bubbles...In addition to the potential economic failure of China, The U.S real estate market appers to have already run out of steam.
Sales of previously owned homes fell 2.8 percent to an annual rate of 6.56 million in January from 6.75 million in December, the Realtors association's report today showed. The supply of unsold home rose to the highest since 1998. Home sales in 2006 are forecast to decline after five record years.
The supply of homes for sale, another measure of housing demand, rose 2.4 percent to 2.91 million in January from 2.85 million the month before. ...
Home resales fell 10 percent in the Northeast, 7.7 percent in the Midwest and 3.5 percent in the West to 1.37 million. Sales rose 2.6 percent in the South.
Update: The Housing Bubble even has it's own Blog!
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