Wednesday, March 5, 2008

Another 'Since the Great Depression' Moment

This is a benchmark that's getting mighty ominous as it pops up: MarketWatch reports that NAHB's chief economist Dave Seiders says housing's in its deepest and most rapid downswing since the days of breadlines and soup kitchens. Seiders sees no recovery until 2009 and points out there are more than 2 million vacant homes that are unsold.
Home prices fell year-over year, and the average family's savings rate turned negative last year; economists noted that those were two other signposts that hadn't occurred since the 1930s.

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