When it comes to Bush and the economy one of the few bright spots has been the housing industry. Already having the depreciative distinction of being the first president since Herbert Hoover to have negative job growth during a 4 year term in office; Bush will now see the industry that's given him 50% of the dismal number of new jobs created in his first five years start to stagnate.
George W. Bush has borrowed more money from foreign sources in his five years in office than all of the previous 42 presidents before him. That's right,
Bush borrowed more money from 2001-2005 than what was borrowed from 1776-2000. (And they call themselves 'conservatives'! What a joke.)
But unfortunately, the American consumer has played a stupid game of 'follow the leader' over those last five years in mortgage refinancing and borrowing and a downturn in housing values could spell disaster for many.
Prepare yourself for a more Bush and Republican style economy when the housing market starts to slow down.
US housing market starts to cool
'Sales of existing homes declined in November while price increases slowed, adding to mounting evidence on Thursday that the red hot US housing market is starting to cool.
Thursday’s data show that the stock of unsold houses has continued to rise steadily. The number of existing homes for sale is at an all time high, up 14 per cent on the same month last year. At the current rate of sales, it would take 5 months to sell the 2.9m existing homes on the market.
Sales of new homes have also weakened and prices have stagnated '.
When it comes to Bush and the economy one of the few bright spots has been the housing industry. Already having the depreciative distinction of being the first president since Herbert Hoover to have negative job growth during a 4 year term in office; Bush will now see the industry that's given him 50% of the dismal number of new jobs created in his first five years start to stagnate.
George W. Bush has borrowed more money from foreign sources in his five years in office than all of the previous 42 presidents before him. That's right, Bush borrowed more money from 2001-2005 than what was borrowed from 1776-2000. (And they call themselves 'conservatives'! What a joke.)
But unfortunately, the American consumer has played a stupid game of 'follow the leader' over those last five years in mortgage refinancing and borrowing and a downturn in housing values could spell disaster for many.
Prepare yourself for a more Bush and Republican style economy when the housing market starts to slow down.
