The front page of The New York Times Business section reports
U.S. Home Sales Fell Sharply in October
By DAVID STREITFELD
Published: November 23, 2010
Over the last few years, buyers have been lured into the troubled housing market by two unusual opportunities: cash subsidies in the form of government tax credits, and rock-bottom prices on millions of foreclosed homes.
The tax credits are now history. And the supply of foreclosed homes on the market is already falling as regulators, lawmakers and state law enforcement officials press to sharply reduce the number of foreclosures.
Now, buyers and sellers are getting an early taste of what the real estate market might look like without those twin pillars of support: sales of existing homes plunged 26 percent in October compared with the same period last year, theNational Association of Realtors said in a report Tuesday.
Read all about it > U.S. Home Sales Fell Sharply in October
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That scenario is very much in keeping with what we saw in October home sales here in the Tucson Foothills.
I reported and commented on October sales here > October home sales in the Tucson Foothills and, the title aside, here> what happened in March
And, so far, it doesn’t look as if November is going to save the day.
But, also, consider the advice of Bill F. Browder – who made gazillions investing in Russian companies that were trading at sharp discounts - offered during a speech he was giving at Columbia Business School.
As for the new Russia, Mr. Browder said there would never be another investing opportunity like the previous one in Russia, where investors had the chance to increase their money thirtyfold. But in the high-inflation scene he is painting for the developed world, he says he thinks there could be another lucrative opportunity for Columbia Business School students much closer to home.
“If I were finishing business school right now, I would become an expert as quickly as I could on the U.S. residential real estate market,” which is 50 percent off of its peak and will become an inflation hedge as the United States and others start printing money, he says.
That, from a NYTimes article - From Russia Expert, a Gloomy Outlook
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