Demoeconology, homelessness and "our prices are innnnnsane!"
Bloomberg columnist John F. Wasik says today that the housing bubble burst because of "demoeconology" -- demographics, economics and mass psychology. He also opines:
The U.S. housing bust is like a leaking ship. You may still be able to stay afloat, depending upon where and how bad the holes are.
The AP reports on the growing problem of homeless families in Massachusetts, one of the few states with government numbers on families in shelters:
About 1,800 homeless families were in Massachusetts shelters last week -- up from 1,400 in June 2006 and just under 1,200 in June 2005, according to state figures. There are more families in shelters now than at any time since the inception of the state's family shelter program in 1983, according to the Massachusetts Coalition for the Homeless.
The Washington Post reports on builders selling homes in the Washington area like "car dealerships and department stores": by slashing prices. It offers the example of Won-Ki and Janice Choi, who were interested in a Ryland house priced at $536,449. The company put the house up for auction:
The minimum bid for the 2,068-square-foot Fairfax County home was $429,999. Won-Ki Choi wrote his name down minutes before the auction was scheduled to end at 3 p.m. He was the only bidder.
