Thursday, October 26, 2006

Pop

Do you hear that sound of rushing air? It is the housing bubble which is now finally bursting. The median sale price for new homes dropped 9.7% in September, the largest recorded drop in the history of record keeping. Also setting a new record was the number of completed new homes available which rose to 157,000.

In a surprising move, housing sales increased 5.3% from August, but I guess if the builder is willing to knock 10% off the cost of the house, pay your closing costs, and throw in a free pool people are still willing to buy.

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