Sunday, August 2, 2009
Housing begins to reverse 3-year recession in every US region, but 2nd half looks rocky
It was — note the past tense — the worst housing recession anyone but survivors of the Great Depression can remember.
From the frenzied peak of the real estate boom in 2005-2006 to the recession's trough earlier this year, home resales fell 38 percent and sales of new homes tumbled 76 percent. Construction of homes and apartments skidded 79 percent. And for the first time in more than four decades of record keeping, home prices posted consecutive annual declines.
A staggering $4 trillion in home equity was wiped out, and millions of Americans lost their homes through foreclosure.
Now take a deep breath and exhale. The worst is over.
Read the rest of this important article here.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment