Although this is unsurprising, it is now official that the housing slump is entering into record territory nation wide.
The NYTimes today said:
Buyers vanished from the housing market in March, as sales of new homes plummeted to the lowest level since the housing recession of the 1990s, the government said on Thursday.
Builders are now faced with the biggest backlog of unsold homes in more than a quarter century, a sign that home values may continue to drop.
One thing that the article does not mention is the growing amount of foreclosures that are continuing to squeeze homeowners, reduce the demand from future buyers and create an even greater amount of excess supply.
Lets hope innovation can pull us out of this mess.
On that note, I had an interesting, but random conversation with a researcher this evening who told me about the use of genetically modified bacteria to make biofuel.
Perhaps best known for food poisoning, E-coli, have apparently been modified by scientists to make biofuel.
I never thought I would be blogging about E-coli, or that if I was it would be good news, but sometimes life surprises you in unexpected ways:
Here’s hoping creators keep creating.