All of which points to the likelihood that the days where you can score free finished basements and granite countertops are numbered. Indeed, last month the Federal Reserve’s Beige Book noted that while residential building activity in Chicago has been minimal of late, despite falling inventory levels, “downward pressure on new home prices had likely bottomed out ” and that “builders were refraining from reducing prices below costs, as many had done earlier in the year.”
That “all of which” is based on current unemployment numbers, home sales from January through August, and Standard & Poor’s Case-Shiller indexes based on housing futures.
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