Friday, Dec 01, 2006

Why poor Americans have stopped buying houses

MoneyWeek: Why poor Americans have stopped buying houses

US new home sales may have been down a whopping 25% year-on-year in October, but investors have taken cheer from a month-on-month price rise.

A quick look at the raw data shows that the average price only rose because the majority of the lost sales were in lower-end properties. The conclusion? Rich Americans are still buying real estate, but most of their less-affluent compatriots have suddenly become rather less keen. And housing isnt the only place we see that disparity

Posted by mary @ 11:27 AM (464 views)
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1. indiablue19 said...

American relatives one and all are seeing this economic phase in the States as the death knell of the middle class; so a very apt title on this article. There are discussions over there in the press apparently that there may be a bi-partisan agreement in the offing to cut State pension through Social Security by one-third to try to cope with some portion of the historic national debt. [And to think that Clinton had it paid off just before Bush took over!] Envisioning those US OAPs I know with only two-thirds of their current pension to live on simply boggles the mind. I wonder how politicians would view the cutting of their salaries by a third? The sheer arrogance of them to think that this is even a reasonable discussion!

Sunday, December 3, 2006 01:15AM Report Comment

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