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September 17, 2006

Today's Housing Bubble Post

-- by Dave Johnson

This week's housing news is not expected to be good. Housing starts expected to tumble again,

The fragile U.S. housing market probably weakened further in August and early September, economists said, looking ahead to the coming week's economic data.
Home builders have turned very sour on their industry as inventories of unsold houses soar, canceled orders pile up and prices sink.
The week's calendar will offer two views of the home builders: what they do and what they say. In both cases, the story's the same: grim.
Hree's a story about a buyer who understands that prices are dropping, encountering sellers who do not yet get it. Standoff in a soft housing market: Bargain-hunters find negotiations tough as prices grudgingly fall,
"When I went to renegotiate . . . they wouldn't budge at all," Murgia said.

Indeed, only now, months into a soft market, are home sellers finally beginning to concede on prices -- but only so much.

But wait, there's more...

From the Detrot Free Press, U.S. housing slowdown could have global reach,

The slowdown in the U.S. housing market could be sharper than expected, which would hurt the U.S. economy, global growth and financial markets, an official from the International Monetary Fund said last week.
From The Housing Bubble blog, It’s Common To See Price Reduced Signs’ In California

More later...

Posted by Dave Johnson at September 17, 2006 5:43 PM

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