I was reading some news reports about the housing market and found the following statement:
Price of Oil Sinks, as Does Another Home Builder
Dismal housing market conditions in the once booming Florida market have forced multi-family residential developer WCI Communities to file for Chapter 11 bankruptcy while also forcing the failure of small local lender First Priority Bank. This was the eighth bank failure in the U.S. this year. Both new and existing home sales continued to decline in June which validate that conditions remain weak in most housing markets across the nation. Although the credit crunch and continued declines in the housing markets have forced another public builder and more regional banks to go under, falling oil prices in the past week took center stage and spurred enthusiasm in the equity markets.
What do you think of this?
Do you believe this is a concern in our market place?
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