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US: Housing market continues to decline

Posted on 27 August 2010

From Csmonitor.com: With sales collapsing for several consecutive months for both new and existing homes, it’s clear that the underlying “organic” trend for home purchases is weak which combined with rising inventory, a recently estimated 7.3 million “shadow” units (far more than a whole years supply at the current sales pace) and rising foreclosure activity, will likely led to another bout of falling prices forcing more “homeowners” under water and further impacting overall consumption.
The ruse of government sponsorship of the nation’s housing markets and its “stabilizing” effects is quickly showing itself to be simply failed policy and with this realization we will have to accept the truly debilitated state of our housing markets however severe……………………………………….Full Article: Source


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