There are estimated to be 69 million homeowners in the U.S.A. This article predicts the total loss of value of American homes through next year will total $4 TRILLION. That comes to an average loss of almost $58,000 per home owner. I don't think that even Herbert Hoover did that much damage to the American family.
Bush now stands alone as the greatest Republican of them all. Don't let out candidates forget to voice one simple truth -- "It's the economy, STUPID !
Builders Giving Up On The Sinking Market
In California, Developers Leaving Behind Housing Projects — And Their Tenants
(CBS) In California, where developers have been racing to turn farmers' fields into subdivisions, they're now walking away, leaving houses partially built.
Those who have already moved in wondering what will hit next.
“I'm concerned that once the weather starts getting bad, there's tile piled on the roof that could just fly off,” homeowner Marius Gieske told CBS News correspondent John Blackstone.
Dunmore Homes had building projects in a dozen California communities from Bakersfield to Yuba City. Now it’s halted work everywhere, giving up on a fast-falling market.
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That moving target, collapsing house prices, has already cut $1.2 trillion from the value of American homes. And the losses are mounting, going to $4 trillion by one estimate, by the end of next year.
http://www.cbsnews.com/stories/2007/10/10/eveningnews/main3355299.shtml
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