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Ten Year Low for US Housing Market
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Almost ten years of gains have been lost in the US thanks to the continually housing market crash.
Home sales fell to a 12-year low at the end of November, 2007. Sales of new US homes declined much more in November than many analysts had expected, raising concerns about the state of the world's largest economy.
New home sales fell by 9% to a annual rate of 647,000 in November, a 12-year low, the Commerce Department said.
Higher interest rates have deterred many buyers, while boosting repayment costs and mortgage default rates. THe FED has been trying to combat this by lowering interest rates and helping borrowers repay their mortgages.
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econmod
Broker
Jan 1, 2008, 11:31 PM
Post #1 of 1
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