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Housing slowdown creating 'ghost towns'
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This coming from the San Fransciso Fed president.
Same deal in Austin. Between Austin and Elgin, on HWY 290, they have built 5 or 6 housing communities, about 300 houses each. I rode my motorcycle through two of them, I would estimate occupancy as being 20% or less. Two of these tracks were finished 12-18 months ago, and they recently started building a new one.
[link to www.marketwatch.com] Housing slowdown creating 'ghost towns'
Fed president says some effects of rate hikes still in the pipeline By Alistair Barr, MarketWatch Last Update: 4:33 PM ET Oct 16, 2006
SAN FRANCISCO (MarketWatch) -- The housing slowdown has turned some areas of Phoenix and Las Vegas into "ghost towns," where many unsold homes stand empty, Janet Yellen, president of the San Francisco Federal Reserve Bank, said Monday.
Yellen said that she heard the ominous description from a "major home builder," who told her that the share of unsold homes in some subdivisions around the two Western cities has topped 80%.
more at above link
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