The following chart provides probably one of the best overview of the intensity of the problem in the US Housing Market. Desipte all the official claims about the 'Green Shoots' it is clear that the major problems for the US Housing Market lay ahead. This is only being belatedly realised.
It has recently been pointed out that a large part of the recent demand for housing is due to a US government tax benefit to the tune of nearly US$8000 for first time home buyers. This unfortunately runs out by end November. But we can rest assured that the US government is likely to extend this. Extending this sort of small benefits are politically more feasible than the big time US$500 billion bailouts.
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