Tuesday, September 26, 2006

LA Times - "Data on Homes Cause Jitters" (9-26-06)

"Housing prices decline nationally for the first time since 1995 and inventory sets a record. The slump poses two big threats to the economy."

"The 1.7% decline in the median price of existing homes sold in August was the first year-over-year drop since April 1995, the National Assn. of Realtors said Monday. Also, the number of houses sold fell for a fifth straight month and the supply of unsold homes on the market rose to a record."

"About 10 million jobs are tied directly to residential real estate, from construction workers to escrow agents to the clerks at the local hardware store, Goldman Sachs estimates. That's about 7% of total U.S. employment. Some analysts believe the total is closer to 10%."

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