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Wednesday, December 28, 2005

Mike Whitney: Pop Goes the Bubble!

The Fall of the House of Cards
By MIKE WHITNEY
 
Four months ago I wrote an article, "Doomsday; the Final Months of the Housing Bubble" that predicted a dramatic fall in housing prices that would have a catastrophic effect on the American economy.
 
In truth, I'm a lousy forecaster and simply collected the relevant data from a number of sources that convinced me that the end was quickly approaching. Now, it seems that dismal day is upon us and the Grim Reaper has begun churning out the disappointing statistics that we've dreaded from the very beginning.
 
In November the sales of new homes plunged by the largest amount in 12 years. The 11.5% decline from October was 4 points higher than expected by Wall Street analysts, fueling the belief that the red-hot housing market is headed for the dumpster.
 
This sudden downturn is expected to slow the wave of speculation that has kept the market booming for the last few years. According to an Associated Press report, sales dropped by "22% in the West, the biggest decline in the region since February 1995."
 
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