Thursday, September 27, 2007


Just like a glacier. Slow, inevitable, unstoppable. Bloomberg (09.27.07):
"Sales of new homes in the U.S. dropped more than forecast in August and prices plunged by the most since 1970, underscoring the Federal Reserve's concern about the broader economy.

Purchases declined 8.3 percent to an annual pace of 795,000, the lowest level in more than seven years, the Commerce Department said today in Washington."

U.S. Economy: New-Home Sales Decline 8.3 Percent

Think that's bad? This is what's coming, via Calculated Risk.

How do you spell record foreclosures?



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