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Housing slump sends chill through U.S.

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NVMojo Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-28-06 05:11 PM
Original message
Housing slump sends chill through U.S.
What a headline!

WASHINGTON - The slumping U.S. housing market is sending a chill through the entire economy as new data yesterday showed growth slilpped to 1.6% during the last quarter, the slowest in three years.

The U.S. Commerce Department said growth in the world's largest economy fell a full percentage point between July and September from 2.6% in the second quarter.

Economists blamed the slump in housing sales -- with prices falling the most in more than three decades last month -- for slowing growth.

"We are feeling the effects of the housing bubble bursting and, while the ill wind is not pleasant, it is not likely to be long-lasting," said Joel Naroff, president of Naroff Economic Advisors in Holland, Pa. "Businesses and households did their part to keep the economy going."

more...

http://www.canada.com/nationalpost/financialpost/story....
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goforit Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-28-06 05:47 PM
Response to Original message
1. I have a feeling this will cause the economy to spiral downward. Yikes!
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displacedtexan Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-28-06 06:00 PM
Response to Reply #1
2. Wait until all of those adjustable rate mortgages reset.
1 million foreclosures already this year and over a trillion dollars
in ARM resets next year.

Yikes!
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ixion Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-28-06 06:04 PM
Response to Reply #2
3. exactly... many of those folks with ARM loans figured on the maximum
appreciation come refinance time. So when that time rolls around and their house hasn't increased as much as they thought (so they could borrow that equity) they're going to be in a tough spot.

That's my call, at least.
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