No bottom yet

The housing industry has not hit bottom yet. In fact the record low number of new houses 550,000 in December fell to 525,000 in January. This cannot be good. Prices are still sinking as more and more people lose their jobs and their homes. The number of foreclosures is already high and increasing. Banks are having trouble selling these foreclosures because they are not wanting to loan money.

I predict that as things get worse, people will begin to face social unrest as a new problem. Already there is talk of declaring a bank holiday.