Discussion of Housing Bubble, US Dollar, Debt, Trade Deficit, Oil, Gold, Consumer Spending, Central Banks, Inflation, Outsourcing and the Bleak Future of the US economy
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Sunday, July 26, 2009
Housing Outlook - bottom not in yet - Bloomberg
Analysis and Discussion with Chris Mayer of Columbia Business School
He makes the point, which many of us have been saying for months--the bottom has not yet been reached. Foreclosures make up a large portion of homes sold, and the slight uptick in sales had to do with the previous 60 day rates, since now those homes are closing the deals. Un-underemployment will not reverse this trend, nor consumers trying to pay down debt instead of increasing to it, as well as saving some income.
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He makes the point, which many of us have been saying for months--the bottom has not yet been reached. Foreclosures make up a large portion of homes sold, and the slight uptick in sales had to do with the previous 60 day rates, since now those homes are closing the deals. Un-underemployment will not reverse this trend, nor consumers trying to pay down debt instead of increasing to it, as well as saving some income.
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