Econ 2003 - The housing market has always sparked my interest because there is so much money involved in the industry I have been around new

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
The housing market has always sparked my interest because there is so much money involved in the  industry.  I have been around new subdivisions in multiple states, and it is amazing to see how fast new  houses are built.  When I lived in Florida, the town I lived in was the fastest growing town in the whole state  of Florida. Whenever my family would visit at Christmas every year, they didn’t even recognize the town.  I  chose to write about the housing market because I am very shocked that it fell so fast.     The article is called “Home Building Rises Slightly, but Weakness Lingers.”  After hearing the topic of  this article, I remember thinking that the housing market slump was over but I was very wrong.  The article  says that the new-home construction rose 3% over the month of October, with this being the first gain since  June, this part sounded great.  In truthiness’ the main reason for the gain in house construction was because of  multifamily buildings with five or more units.  The construction of single-family homes is the majority of the  overall housing market, and the construction of single-family homes fell 7.3%.  It is easy to see that the article  can trick a person into believing false accusations at first glance.  The truth is that the housing market is nowhere near being out a slump.  From the talks that our class  has had about the housing market struggling, it does not sound like it will end anytime soon either.  Even  though the construction jumped in that month, it was only because of the multifamily homes that were  constructed.  Therefore one cannot assume that the housing market is on the way to recovery.  A lot of the  struggling is coming from the southern and western states, where construction has dropped 30%.  In the 
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Midwest, construction has dropped just 10%.  An economist from J.P. Morgan has said “new construction of 
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/18/2008 for the course ECON 103 taught by Professor Lantz during the Spring '08 term at Tri-State.

Page1 / 4

Econ 2003 - The housing market has always sparked my interest because there is so much money involved in the industry I have been around new

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online