HOUSING: Starting Downhill

While most other major businesses were still limping toward recovery from the 1970 recession, the $55 billion housing industry was well into a boom that has all but sent U.S. home builders through their own roofs. Many contractors and economists have expected a slowdown for more than a year. In fact, well aware that the inevitable down cycle would come with a crash if it did not come gradually, they have grown increasingly concerned about the fact that the level of new construction stayed so high so long. Recently the Commerce Department considerably eased their worries. It published housing...

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