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Closing E A Offices, Lender Lay Offs, Despair And Panic

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Builders, Real Estate Firms Feel Market's Decline

Source: South Florida Sun-Sentinel
Publication date: 2006-07-23
By Paul Owers, South Florida Sun-Sentinel
Jul. 23--Three dozen South Florida home builders and real estate agents mingled last week at Buster's Bar & Grill in downtown Delray Beach. Standing only feet apart, they shouted pleasantries over the deafening din of Elton John's Rocket Man and Steve Miller's Fly Like An Eagle.
The music might have been more appropriate during the past few years when the housing market was soaring. Now it's falling, leaving industry observers to count the casualties.
With demand softening in South Florida and across the nation, builders and real estate firms are laying off workers, shuttering offices and selling to moneyed buyers. Expect few changes in the coming months as the housing sector copes with a significant slowdown after five years of blistering sales.
"Construction, mortgages, title insurance. We're seeing cuts across the board," said Mark Zandi, chief economist for Moody's Economy.com of West Chester, Pa. "It's going to be a long process. It'll take two or three years to work through."
With cancellations up and orders down, builders have resorted to offering cars, cruises and other perks to stimulate sales. They're also cutting staff.

You don't see too many property ramping programmes for Florida on our TV these days. When things were goig well you saw Brits over there buying up like crazy. With Hurricane Season underway discounting might become frenzied in the weeks ahead. Down down and gone....................... :lol:

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Not just FL:


MDC Profits Tumble With Home Orders
The Denver Post
Publication date: 2006-07-21
By Margaret Jackson, The Denver Post
Jul. 21--MDC Holdings' quarterly profit dropped 25 percent as
orders for new homes fell 43 percent and cancellation rates more than doubled.
Another homebuilder reporting earnings Thursday was D.R. Horton Inc.
The company said its third-quarter earnings fell 21 percent, as higher mortgage rates led to the first quarterly drop in its 28-year history

The horror stories are mounting and they are no doubt behind Ben's reluctance to hike the rates. The crash is well underway in the US and should be devastating our shores very soon. IMO, we will see a very significant slow down by October and a a full on correction by year's end. IR are irrelevant as the market momentum is Global now and the UK is just one among many bubble economies to feel some pain as the froth blows up up and away.

Edited by Realistbear

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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