It is not uncommon for people to catch cold during the fall and winter months, but it would appear the U.S. ecomony is also feeling a bit of a chill, and some experts say the recent slump in housing sales is to blame.
The U.S. Commerce Department reported that overall growth slipped to 1.6 percent during the last quarter–and that is the slowest it has been in three years, according to an article in Canada’s National Post reporting from Washington,D.C.
The paper says economists have zeroed in on housing sales as the primary culprit with prices falling the most in more than 30 years last month alone.
“We are feeling the effects of the housing bubble bursting and, while the ill wind is not pleasant, it is not likely to be long lasting,” Joel Naroff, president of Naroff Economic Advisors in Pennsylvania told the paper.
Related posts:
- Senate Hearing: The Housing Bubble and its Implications for the Economy
- 7 Creative Ways to Market Your Property in a Cold Housing Market
- Where is The US Housing Market Going?
- Pending Housing Sales Index Up In August
- Stock & Housing Market Update
Article Author: Charles FeldmanCharles has written 179 articles for us.
Visit Charles's Website: http://www.thefeldmanblog.com
Charles is currently reporting for KNX Radio in Los Angeles, is the co-author of the book No Time To Think, and can be found commenting about the news on his blog, The Feldman Blog, as well as on The Huffington Post.
Joshua Dorkin
