More "House Bubble" Construction Reports
Friday, September 08, 2006
Some housing bubble reports from Wall Street. "The housing market is looking sicker by the day. Economist Ian Shepherdson said that the housing market is so far gone that 'it's not rescuable anymore. The housing market is beyond the control of the Fed.' He compared it to a football game played on a mountaintop. Once the football goes off the edge, he said, it doesn't stop until it reaches the very bottom.""Even the homebuilders, long an optimistic bunch, are all but throwing in the towel on the current market’s condition. 'We're running our business today as if we're in a prolonged downturn,' CEO Ara Hovnanian of Hovnanian Enterprises told analysts."
The Union Tribune. "Each of the six economic indicators, residential building permits, unemployment filings, local stock prices, consumer confidence, help-wanted ads and national economic growth, has been in negative territory at least three of the four months from April through July. 'What's been frightening over the past four months is how negative all of the indicators have turned, reflecting general weakness in the economy as a whole,' Alan Gin said. 'In April and May, all six categories were negative.'"
