Monday, March 26, 2007
There Goes The Housing Bubble
The Commerce Department reported that housing sales declined sharply in February, following a 15.8 percent decline in January. Median housing prices fell to $250,000, and foreclosures are on the rise. Meanwhile, Republicans tell us the economy is "booming" under Bush, but the reality is the subprime mortgage crisis could hurt the economy. (Which, as Bernie Sanders put it is really only booming for one percent of the population.
Housing prices are not falling in the west, however, as most people are seeking to leave the rust belt for places where there will actually be jobs in the future. I eman jobs where you can actually afford a $250,000 median priced house.