The State's budget problem is partially due to declining housing sales. Here's the report from Nat'l Ass'n of Realtors:
State housing sales in thousands
'05 '06 '07
122.8 117.3 104.6
State housing sales, in thousands (annual rate, adjusted quarterly)
4Q06 1Q07 2Q07 3Q07 4Q07
114.0 113.7 112.8 103.2 95.6
Total 2007 vs 2006:
-16.1%
Maybe there will be a rebound in '08.
Then again, maybe not.
HT: Calculated Risk
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