pt stucco apocalypse
The last time so few new permits were issued for housing construction, it was 1961 — when American economists first began keeping records of the numbers of housing permits as an economic indicator. There are millions of unwanted, unsold and unfinished new housing units in this country. Who would buy these things, right? There are [...]
LEHMAN BROS. WAS HERE: “One sad stretch of dusty road has seven vacant houses in a row, nobody around for a mile on either side. Where did they go? Who even owns the mortgages, if the mortgages could even be pieced together from the ‘collaterized debt instruments’ that brought down everything from mighty Wall Street [...]
