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It may take a lot more than the new mortgage assistance program being put together by the Administration to stop the sickening fall in housing prices.
According to the Commerce Department, Construction on new U.S. housing units plunged 16.8% in January to a seasonally adjusted annual rate of 466,000. The numbers are the worst since WWII.
As MarketWatch points out, “At this rate, starts would fall to zero by the end of the year. Starts are down a record 56% in the past year and are down 79% from the peak three years ago.”
Douglas A. McIntyre
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