While the news from the U.S. real estate market is mostly negative, and there is disagreement about how serious the trend is and what the long-term implications are, there appears to be little chance of it influencing the mid-term elections.
"Data for some locations were much worse than the national figures. In Orlando, Florida, just 2,221 homes sold this August, compared to 3,418 homes sold in August 2005, for a 35 percent decrease. A total of 14,736 existing single-family homes sold in Florida last month, a decrease of 34 percent from the 22,421 homes sold during the previous August. Sales of existing condos in Florida also decreased in August, with a total of 4,375 condos sold statewide compared to 7,398 in August 2005 for a 41 percent decrease.
For California, sales of existing houses plunged 30.1% in August from the same month last year. Of course, the California median sales price for existing homes was $576,360 in August, more than twice the national median price.
People in the real estate, home building and financial sectors are mostly putting positive spins on all the bad news, suggesting a relatively "soft landing" ...[although some] realists believe that the decline in prices could become so severe that it would mirror the bursting of the stock market bubble in 2000, which helped push the country into a full-blown recession.
...Still, the housing bubble will not affect many Americans before November."
FULL STORY: Political Fallout from the Housing Bubble Bust
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