Housing in 2007

Calculated Risk does an excellent job of laying out out the housing market challenges in 2007. In summary, we have record levels of available home inventory, homeowners setting aside an increasing portion of their income to pay off mortgages, decreasing levels of owner equity.  They also point out that the new employment figures are likely to decline during the next several months as construction jobs weigh on the overall figures. This is a good read and fits with our view that the Fed will need to cut rates in 2007 to help the economy rebound.

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