Commentary
Real estate market still sinking
Oct. 17,2008. New records are being set almost every day now – too bad they’re all bad. The Commerce Department just reported that construction of new McMansions and luxury condos dropped an unhealthy 6.3 percent – a decrease of 1.6 percent was anticipated.
This brings the home construction to the lowest level since 1991. And the Northeast led the way down with a 20.9 percent drop. Ouch!
Looks like a recovery from the real estate bubble’s collapse will be years away – with or without a record financial bailout of bankers and homeowners.
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Tags: Asides, Commerce-Department, financial bailout, McMansion, real estate bubble, real-estate Discussion
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