US home builder outlook worsens in September

[xchrom]

http://hosted.ap.org/dynamic/stories/U/US_BUILDER_SENTIMENT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-09-19-10-44-04

WASHINGTON (AP) -- The U.S. homebuilders' outlook worsened in September, as foreclosures and anxious buyers hurt construction and sales activity.

The National Association of Home Builders said Monday that its index of builder sentiment in September fell to 14 from 15. The index has been below 20 for all but one month during the past two years.

Any reading below 50 indicates negative sentiment about the housing market. It hasn't reached 50 since April 2006, the peak of the housing boom.

Last year, the number of people who bought new homes fell to its lowest level dating back nearly a half-century. Sales this year haven't fared much better.

[HowHasItComeToThis]

1. HERE IS WHAT I HATE

4. The predatory lending industry and all who enable them.

There are numerous Bible passages condemning usury. Typical of these is Exodus 22:25: "If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest." Naturally, the whole of modern capitalism is built on ignoring a broad reading of this. But predatory lending is a particularly egregious form of defiance. It's proved rather costly to our country as well.

A Wall Street Journal article on December 31, 2007 reported that Ameriquest Mortgage and Countrywide Financial, two of the largest U.S. mortgage lenders, spent $20.5 million and $8.7 million respectively in political donations, campaign contributions, and lobbying activities between 2002 and 2006 in order to defeat anti-predatory lending legislation. Such practices contributed significantly to the financial crisis that plunged us into the Great Recession. But it seems that wasn't a clear enough lesson, especially since those who lobbied most intensely benefited most from the bailouts as well, according to an IMF study. So earthquakes and hurricanes are an old school, Old Testament way for God to make his point.

[dkf]

2. Without interest why would anyone loan you money?

You would only get funds from family.