The Tumble Continues
5 June 2010
The tumbling of the housing market has gone to the lowest levels in 12 years and no clear end is in sight. Twelve months ago, new home sales were at a high of a million units with current statistics showing only 647,000 units sold. This represents a more than 34% decrease which is the lowest in 12 years. This might be signs that the previously booming housing market is indeed going deeper and deeper into it�s problems and that pitfalls are now starting to bite back costing losses in the billions of dollars. The Federal government has drafted and is seeking to enforce new Mortgage lender rules and regulations but the finished set of finalized rules will not be available till next year with presidential elections looming.
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