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The Next Leg of the Housing Bear Market Has Begun
Right. The increase in new home construction is actually a cause for concern, not optimism. It shows that new inventory is coming onto the housing market, which will only add to the supply problem. The new homes being built are largely by upper income buyers, who are the last holdouts of this recession. When they see their earnings power in jeopardy, they too will stop building new homes and the real estate decline will accelerate.
Aug 9, 2011. 11:06 AM
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