Housing Bubble Continues to Leak

From Holden:

My Bush Boom’s last best hope is fizzling.

Sales of previously owned homes fell by 1.7 percent in November, a fresh sign that the high-flying housing market is losing altitude.

The latest snapshot of activity in the housing market, released by the National Association of Realtors on Thursday, showed that November’s sales of existing homes, including single-family, town homes and condominiums, totaled 6.97 million units at a seasonally adjusted annual rate. It marked the lowest level of sales since March.

The over-the-month decline was slightly steeper than the 1.3 percent drop that analysts were expecting before the report was released.

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