Headlined links found at Calculated Risk:
Homebuilding CEO Says Market is at or near bottom; Fannie Loses $14.8bn, Needs $10.7bn.
Of course "housing" is near a bottom. If the Government pours literally trillions of dollars into something, it gets results. Combined with massive Fed intervention, there is a temporary "bottom". It's all an unfair disaster designed for one purpose only: to bail out the large complex financial institutions laughingly called "banks".
The U. S. is increasingly a centrally planned economy. As with the now defunct U.S.S.R., mistakes in policy are magnified. The world will not for long send most of its savings to subsidize what we call middle class housing but it calls luxury housing. The game of the "emerging" world sending us the fruits of their labor to receive promises to pay, the proceeds of which we turn into internationally unproductive assets such as large homes and second and third vehicles per family is simply unsustainable.
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