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The government needs to bail out homeowners who have defaulted on their mortgages in order to "salvage" the U.S. economy, PIMCO founder Bill Gross told CNBC.
(New York Times) The Commerce Dept announced that the construction of new homes fell in January by a whopping 14.3%. Prices fell in half of the nation’s major markets and “existing home sales declined in 40 states”. Arizona, Florida, California, and Virginia have seen precipitous drops in sales.
The Commerce Department also reported that “the number of vacant homes increased by 34% in 2006 to 2.1 million at the end of the year, nearly double the long-term vacancy rate.” (Marketwatch)
Originally posted by marg6043
Should Bush step in to save Americans from losing their homes?
China has $1.4 trillion (and counting) in its pocket, and has to put it somewhere. For years, the investment of choice has been the drab solidity of U.S. Treasury bonds. But as the dollar drops, and higher returns can be gained elsewhere, China has begun to eye more alluring places to stash some of its cash.
Originally posted by Valhall
marg - maybe you can sell your home and debt to the Chinese government and relocate over there. They seem to be doing very well.