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Housing industry may be headed for double-dip

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posted on Jan, 5 2010 @ 02:40 PM
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Despite the American government's ploy to offer tax credits for first-time buyers during 2009, it appears the housing market is heading for more trouble.



The number of people preparing to buy a home in November fell sharply in the latest sign that the housing market, which had been rebounding strongly, may be headed for a "double-dip" downturn over the winter.

Consumers are taking their time following the extension of a tax credit deadline, and that is draining momentum from the summer's recovery, according to data Tuesday from the National Association of Realtors. The figures echoed what homebuilders saw in November and showed how dependent the housing market is on government programs to lower interest rates and lure buyers with tax credits. If those programs expire as planned early this year, the housing market will have to stand on its own.
www.msnbc.msn.com...




posted on Jan, 5 2010 @ 03:41 PM
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Well, with over 7 million empty houses on the market, where else will it go?

Real unemployment at 20% and the only thing keeping the market kind of moving, is the gov dumping billions into it so that the prices do not go where they should?

The depression has only just begun!

As an old member use to say-

ooooohhh Fresh Doom!




posted on Jan, 5 2010 @ 03:44 PM
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Very bad news. Not only for the housing industry but all industries connected to it.



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