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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: http://www.courant.com/business/hc-struggling-builders-...



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