It's RIP for the housing boom

[Inland]

Supplies of new and existing homes are growing. Add in wild condo speculation and gullible people buying land sight unseen. My conclusion: The housing bubble is about to burst.

By Bill Fleckenstein

Last Tuesday saw the release of July existing-home sales that were slightly below expectations. For the housing market, one piece of data in the National Association of Realtors report portends the end of ever-higher prices: The supply of homes on the market now stands at 2.75 million -- the highest since May 1988.

A Commerce Department report Wednesday adds weight to the evidence: New-home inventories have grown about 15% since July 2004, to 460,000, the highest level since the Commerce Department started tracking new homes in 1963.
edit
http://moneycentral.msn.com/content/P123683.asp

I would add: I saw an article that reported SF housing prices fell 11% in July.

[Spinzonner]

1. OTOH, the south will need some rebuilding work

so that could take up some construction slack

[OffWithTheirHeads]

2. Yeah, if you wan't to work

for $11.00 an hour with no beni's. Fuck em, let Jesus fix it.

[Demeter]

6. New Orleans Has Bennies: snakes, gators, wild dogs

them's good eatin'!

[OffWithTheirHeads]

7. Ya still have to feed em

Rice and honey for a few weeks to make em taste good. If you can't boil rice due to bad water, I think your fucked!

[Inland]

4. And put the nail in the boom as building costs soar.

[bpilgrim]

3. and the M$MWs were the last ones to let anyone else know, as usual

Time Magazine's cover early last June -- "Home $weet Home: Why We're Going Gaga Over Real Estate" -- will more or less have marked the peak.

i really sympathizes with those with multiple homes on a middle-class salary and a greedy and irresponsible market place offering INTEREST ONLY loans :crazy:

ah, the joys of an unregulated marketplace... welcome to the third world america.


http://media.globalfreepress.com

peace

[Inland]

5. There's always hope for one more fool in a bubble.

But in all fairness to the MSM, the money rags have been raising the question of a bubble ready to burst for months. Anyone who bought now on the hope of a continuing trend could have known the risk.