Life after the bubble: From American dream to American nightmare
By Barry Ritholtz - October 12th, 2009, 2:00PM
| Debt: Life in Oregon after the bubble |
Money is better than poverty, if only for financial reasons. —Woody Allen
Macro Notes
NAHB housing survey still depressedPeter Boockvar
The March NAHB home builder sentiment figure was 15, 2 pts below expectations, down from 17 in Feb and matches the lowest level since June '09. Both Present conditions and Future expectations fell and the Prospective Buyers Traffic component was down by 2 pts to the lowest level since Mar '09. The regional breakdown in this last category was mixed as traffic rose in the Northeast and West but was down in the Midwest and South. The NAHB chief economist said "the lack of available credit for new projects, the large number of distressed properties for sale and the continuing...
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October 12th, 2009 at 4:23 pm
Walk around any middle income neighborhood in America and you will see subtle signs of distress. Evictions, vacant homes, broken windows and board-ups are present in places where you never saw them before. This isn’t happening overnight but as a drip-drip-drip as Middle America is squeezed one job and one household at a time.