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RE: Housing Starts, Permits Plunge In February As Rental Units Crash

in #housing7 years ago (edited)

We are building more homes than we can afford, as hedge funds and speculators gobble up hundreds of thousands of properties being cranked out by the homebuilders. When you combine it with Americans burning up those credit cards, when Americans have run up almost a 1 trillion credit card tab. When you add mortgage debt growing by staggering numbers. And last but not least housing loans making up the largest portion of American household debt while income of average family is clearly behind compared to housing prices increase as well as rental units prices. Those housing starts reversing course from previous months turning negative in the month of February,, as you mentioned, as you mentioned, is not surprising at all. As a matter of fact it will get much worse if something doesn’t change. Something like “Miracle”. As a matter of fact it will get much worse if something doesn’t change. Something like “Miracle”. I always look at it from the positive side, since I don’t plan to sell my house for at least the next decade, I welcome lower house prices for proper tax reasons. Lower house prices mean lower property taxes.

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