Thread: Housing Market is on a downslide...

ECONOMIC REPORT
Sales of new homes down 21.6% in past year
Inventories of unsold homes rise to 11-year high


http://www.marketwatch.com/news/stor...691%7D&siteid=


Recession will be nasty and deep, economist says
Housing is in free fall, pulling the economy down with it, Roubini argues

http://www.marketwatch.com/news/stor...4D3%7D&siteid=

Illegal immigration has been the only thing holding this bubble together for the last several years.

I hope the housing bubble is popping. That will mean less illegal aliens and more pressure for them to leave.

W

Think what is to come. All these illegals will be out of a job and it will be the American taxpayer that coughs up the money for them to get welfare! The ass _ _ _ _ _ that hire them don't give a rip about the fact that WE are the ones that will have to pay for this! It is THEY, the EMPLOYERS that should pay for it! I think it is high time for us to revolt and NOT pay taxes when tax time comes! I am sick to death of "taxation without representation"!

I think this could also spell trouble. Since many of the construction workers are illegal migrants, many will return to their homeland. But, what about the ones that don't AND do not find new work?

The housing industry is one of the big magnets. I think we are getting ready to take a big hit economically, and the housing industry is going to topple.

The Day Labor Centers will be overflowing.

The housing market is definitely softening in California. Houses are taking a lot longer to sell, and the prices are starting to fall. I just sold house recently and was fortunate it sold quickly, but had to drop the price 20K to sell it.

The DC-NVA area is getting a dose of reality right now too. I've got a friend who has had his house on the market since mid-March. Well maintained, ideal location(walking distance to the Metro) Oakton area. They have had exactly one looker and no offers. This in the same market that about a year ago would have not only sold in less then two weeks but also probably for more then the asking price. I've also got a friend who has been selling real estate there for over 20 years and she says she has never seen anything like it and she can't get a feel at all as to how bad or how long this could go on. - FWIW


I swear it almost seems like a "perfect storm" coming together. Between the quagmire in the ME. The ever intensifying illegal immigration debacle and the economic situation sitting on a cliff.