[lbo-talk] housing market

[Chuck]

MICHAEL YATES wrote:
> I hope this hasn't already been posted to the list.  Michael Yates
> 
> Until now Bloomberg News has been consistently hesitant on the impact of the 
> housing bubble... this is their first fire alarm...)
> 
> Mortgage Rate Rise Pushes U. S. Housing, Economy to `Blood Bath'

 From what I understand, new housing starts are down 25% in Kansas City 
compared to a year ago and 40% lower than 2 years ago.

One of my architect sources tells me that there is a 3-year glut of new 
condos on the market here.

Driving around Kansas City one can't help but notice houses for sale on 
just about every block.

Kansas City's economy has been pretty well insulated from all of the 
recessions of the past 25 years, so the economic downturn here is 
remarkable.

Chuck
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