Wednesday, August 23, 2006

Housing Troubles

The Agonist does a brief round-up of national housing news. It ain't good.

From the Financial Times:

Sales of existing homes in the US slumped a sharper-than-expected 4.1 per cent in July, the National Association of Realtors reported on Wednesday.

The data underlined the rapid pace of the slowdown in the property market and sent stocks lower amid fears over the health of the broader economy.

Of course, it's only the 'hot' regions that are cooling down, right?

Wrong:

“No region was spared from July’s softness,” said Omair Sharif, analyst at RBS Greenwich Capital. “The headline figure was well below our forecast and that of the consensus, and corroborates recent builders’ statements that the housing market cooled substantially at the start of the summer.”

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