US housing bust getting worse, warns Goldman Sachs

The US Federal Reserve will need to slash interest rates three times this year as the housing slump goes from bad to worse and the American consumer begins to buckle, Goldman Sachs has warned. "Americans have shown a complete lack of self-control. The personal savings rate is at its lowest point ever, and has actually been negative since April 2005.

//tinyurl.com/wtbvd



Foreclosures Up 35% from '05 - '06; Subprime to Blame

Americans continue having difficulties paying their mortgage obligations, with December foreclosure rates above the 100,000 mark for the fifth straight month.

//www.dailykos.com/storyonly/2007/1/18/73312/9830



Existing-home sales to fall 8.1% in 2007

In an economic and housing outlook, Fannie Mae said sales of new homes are expected to drop by 7.1% in 2007, while sales of existing homes are expected to drop 8.1% this year.

//tinyurl.com/24pf9p



New-Home Sales Plunge 16.6%

Sales of new homes plunged 16.6% in January to a seasonally adjusted annual rate of 937,000, according to the Commerce Department. It is the the biggest percentage decline in 13 years.

//www.economicpolicyreview.com/2007/02/new-home-sales-plunge-166.html


From Information Clearing House



//freepage.twoday.net/search?q=Housing+Bubble

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