Bending the Third Rail
Because We Should, We Can, We Do
Wednesday, August 23, 2006
Housing
Here's some key information on the state of the American ATM machine (thanks Barry Ritholtz)(click to enlarge):


Ok. Sales are down .... Dramatically. Worse, sales have been trending down and continue to do so.

Inventories are up. Prices are down.

Is it fair to say the housing bubble is over? And given that the American consumer has been 2/3's of the economy, and given that American's have gotten all that spending money through borrowing and refi's, you've gotta wonder how long gross domestic product can stay above recession levels?

Me thinks the window for a stock market rally is slowly but surely closing. Perhaps some fall-Christmas cheer before the long winter sets in?
Written at 11:24 AM by Greyhair.
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