Saturday December 10, 2005 
Saturday December 10, 2005
Housing Slowdown May Claim 800000 Jobs
A sustained decline will hit the U.S. housing market next year, costing the nation as many as 800,000 jobs, according to a new economic report released Wednesday. The slowdown is likely to last several years, with as many as 500,000 construction jobs and 300,000 financial sector positions lost, the quarterly Anderson Forecast predicted.
New home sales have declined. Applications for home mortgages have trended downward since late September as rates increased. In some regions, homes are remaining unsold longer and the pace of housing construction is outpacing population growth, which could spell a decline in demand.
Economist Ryan Ratcliff said the state's housing market will see a slowdown in spending along with job losses in construction and related sectors. "If the housing market slows more than we are expecting, a recession is not out of the question," Ratcliff wrote.
See also :
1. Global house prices : Hear that hissing sound?
2. The housing bubble has burst
3. Come short the housing market
(2005-12-10 00:04:21 SGT)
[Biz]
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