Friday, Oct 27, 2006

Problems in US housing Market

Financial Times: US House Price Fall Steepest Since 1970

Prices for newly built American homes have suffered their largest drop year-on-year since 1970, according to data released yesterday, highlighting the dramatic nature of the downturn of the US housing sector.

Posted by bufferbear @ 11:17 AM (510 views)
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1. Mrminsky said...

No wonder new home sales increased, they don't include cancellations. Once a home sale is recorded there is no way of recording the cancellation, so the sale remains in the official statistics. There is a disconnect because the largest US homebuilders (Horton, Lennar, Toll Brothers) remain gloomy about the new home outlook, whereas the national statistics are more upbeat. The reason....cancellations aren't included, and are running at roughly 30% (per Lennar Corporation's recent statement).

Friday, October 27, 2006 11:55AM Report Comment
 

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