[All] US home sales down 33% in May

[Louisette Lanteigne]

Hi folks

Baby boom has gone bust bigtime. This is the  latest from CNN

CNN -- New home sales plunged almost 33 percent in May, the federal 
government says. 
http://money.cnn.com/2010/06/23/real_estate/new_home_sales/?npt=NP1

Across America in Detroit, St. Louis they are removing thousands of homes etc. 

In Detroit 80,000 of the 350,000 buildings in Detroit are vacant or ramshackle. This city was over 2 million in the 1950's and is now half that population. You can get a home for cheaper than a new car with many being sold under $10,000. Thousands of homes are being raised. The fall of the auto sector is to blame. (Makes me wonder what would happen in our community should RIM ever collapse)

There is a website showing a virtual tour of Detroit via photographs and it's haunting. So many remarkable buildings abandoned, in ruins, it's literally like watching a zombie movie. It's a very sober reminder of what can happen when the foundation of a community is built upon a single industry. The waste is unbelievable.

http://detroityes.com/industry/index.html

Lulu






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