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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-06-11 07:25 AM
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Home-Building Slump May Be One For The Record Books
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By ALEJANDRO LAZO, Los Angeles Times
1:40 p.m. EDT, September 5, 2011

Plagued by too many houses and too few buyers, 2011 is shaping up to be the worst year on record for new-home sales. The slump is pushing the key home-building industry into its fifth year of decline and keeping the U.S. economy from a rebound.

After past recessions, home building was a crucial driver of growth, creating new jobs firmly planted on American soil. But housing isn't helping out this time because builders' hyperactivity during the boom years and the loss of hundreds of thousands of people's homes to foreclosure have left a big supply of properties on the market.

Many economists don't see a significant rebound occurring until housing is fixed.

"If the recovery is going to come, it is going to be driven by two sectors: manufacturing and construction, and it doesn't look like there is going to be a big recovery in manufacturing," said economist Ed Leamer, director of the UCLA Anderson Forecast. "It is going to have to come in housing; otherwise we are going to limp along as we have been." .............(more)

The complete piece is at:

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  -Home-Building Slump May Be One For The Record Books marmar  Sep-06-11 07:25 AM   #0 
  - "It is going to have to come in housing"  ixion   Sep-06-11 07:30 AM   #1 
  - I have never understood the notion that housing drives the economy.  DURHAM D   Sep-06-11 07:31 AM   #2 
  - In a sane economic system, yes.  marmar   Sep-06-11 07:39 AM   #3 
  - A house is the single largest purchase most people will ever make..  Fumesucker   Sep-06-11 10:23 AM   #18 
  - The article is just about housing starts.  DURHAM D   Sep-06-11 12:06 PM   #20 
     - New housing injects a great deal of money into the economy..  Fumesucker   Sep-06-11 12:38 PM   #26 
  - Families form, grow, split up - and need housing options in spite of the  BR_Parkway   Sep-07-11 08:01 AM   #28 
  - Recommend  xchrom   Sep-06-11 07:40 AM   #4 
  - Plenty of empty houses out there already  durablend   Sep-06-11 07:40 AM   #5 
  - Plenty of homeless out there already  izquierdista   Sep-06-11 08:23 AM   #14 
  - That's the insanity of Capitalism.  Odin2005   Sep-06-11 12:11 PM   #22 
  - Why I don't understand economics that well  treestar   Sep-06-11 12:29 PM   #25 
  - In the absense of non status mortgages  dipsydoodle   Sep-06-11 07:45 AM   #6 
  - The only recovery in housing is going to have to come as renovation  Warpy   Sep-06-11 07:49 AM   #7 
  - So true.  DURHAM D   Sep-06-11 07:58 AM   #10 
  - Interesting, I'd never heard of those  Warpy   Sep-06-11 08:07 AM   #11 
     - Looks like there are only a hand full in MA.  DURHAM D   Sep-06-11 08:16 AM   #13 
        - There's one out here in NM, up in Los Alamos  Warpy   Sep-06-11 09:51 AM   #16 
           - But they really do last forever. nt  DURHAM D   Sep-06-11 11:53 AM   #19 
  - I would argue that has been a problem for 50+ years, when they invented sub-divisions.  Selatius   Sep-06-11 08:09 AM   #12 
  - Some of those earliest subdivisions are now inner city  Warpy   Sep-06-11 10:17 AM   #17 
  - That's why I like living in downtown Fargo-Moorhead.  Odin2005   Sep-06-11 12:20 PM   #24 
  - I couldn't handle a large home, I would forget to clean a lot of it.  Odin2005   Sep-06-11 12:13 PM   #23 
     - That's what I told my dad and his financial advisor  Warpy   Sep-06-11 02:29 PM   #27 
  - Can't buy a house if ya don't have a job  tularetom   Sep-06-11 07:51 AM   #8 
  - that is part of our shared sacrifice.....  madrchsod   Sep-06-11 07:57 AM   #9 
  - It doesn't have to come from mfg or const. It could come from the green energy ecnomy we were teased  Shagbark Hickory   Sep-06-11 08:25 AM   #15 
  - Housing prices need to keep crashing for a while before housing is affordable again.  Odin2005   Sep-06-11 12:08 PM   #21 

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