Articles for November 7th, 2008
Texas Touched By Recession: Houston Bank Fails
Franklin Bank, taken over by Prosperity Bank, which we so hope lives up to its name.
NAR Week, 2008 Sales Downgraded
The National Association of Realtors is meeting in Orlando — believe Catherine is there — and the trade group reports altered sales expectations for the rest of this year. Of note is how powerful housing is to our entire nation’s economy — at least according to NAR economist Lawrence Yun:
“The depth of the recession depends entirely on housing — with sufficient housing stimulus, the recession will be shallow. If government actions stay focused on housing, the cost to the Treasury would be much less that the potential losses in the nation’s output and income in a severe recession.”
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