BBC-US home sales fall to 12-year low

Taken from the BBC news web site, Friday 29th Dec 2007

Blue Horseshoe

For what it’s worth: I spent the last 2 weeks in Atlanta - in a fairly upmarket housing area. Main topic of conversation is the lack of water in the local lakes - big yachts and powerboats drying out on the mud and car washing is banned.
Republican area so everything’s upward and onward, buddy, but people are certainly discreetly tightening up on spending.

Not that anyone’s panicking or anything, but there are disturbing signs. Walking the dogs in a small development of about 40 houses - large, 2 or 3 bathroom, 2 storey over basement, 1 to 2 acres sites, going price $400k to $500k - saw 5 for sale and have been for quite some time - one across the street has been for sale for 18 months or more.

Sunday before Christmas went shopping at a big new Kohls dept store - in what was to be a super mall/retail park but which has so far only Kohls and JC Penny in a flat greenfield (well brownfield…) site - no sign of the other stores and no sign of the expected housing developments nearby. Great place to shop - no crowds at all… but the Sunday before Christmas? was expecting a scrum. In fact in 2 weeks not once did I experience anything like a crowd.

Big housing development of $300k+ type houses in middle-class area near us - abandoned - banks pulled the plug.

There’s no tumbleweeds blowing in the wind, grass growing in the pavement or anything, but I would hate to be relying on housing sales commission right now!