Many say the home construction industry will be in the doldrums for years. However, there are two sides to this debate.
Weekly review of economic data with emphasis on trade imbalnces, gold and currency valuations.
The foreclosure document mess is temporarily slowing foreclosures. Price declines have the strongest effect on foreclosure rates; unemployment is secondary. Price declines are continuing while unemployment is showing very slight improvement.
Data from several sources indicate a return to declining home prices has commenced. NAR, Altos Research and Clear Capital all show a sharp downturn of prices.
Much newsprint has been used on the condo glut in South Florida and resulting loan and mortgage default problems. Condos have problems elsewhere as well.