Word: unsold
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...meat's gamey quality, however, can be as much a turn off as some people's revulsion to the thought of eating Shamu. And freezers in Japanese public schools are stocked with nearly four tons of unsold, mainly minke, whale meat, which the government has bought and provided for school lunches. Eventually, they will be turned into fish sticks or burgers...
...consequently, as long as employment stays strong, I don't see any issue as far as rental housing is concerned. Our apartment company continues to rent at 95%. We continue to see same-store-sales increases from one year to the next. I don't think that the unsold inventory of houses will have any dramatic effect on the apartment-rental business. The cost of owning is helping the rental-housing business today, and it will continue to do so. I don't expect any significant competition from unsold houses...
...tunnel--it's still pitch black," says Ian Shepherdson, chief U.S. economist at High Frequency Economics, a research firm. Shepherdson, not a congenitally bearish sort, was one of several prominent forecasters who began warning of housing troubles in 2005. Now he sees huge quantities of unsold inventory, which will lead to more cutbacks in construction, which will lead to more job losses and so on. "I don't want to call it an endless loop, because it will end," he says. "But not anytime soon...
...disturbances in U.S. mortgage markets, especially in the so-called subprime market sectors, where default rates have been rising sharply. As problems have graduated from little-known U.S. homebuilders and finance companies to brand-name commercial and investment banks, public alarm has escalated. Falling house prices, rising levels of unsold homes and the financial stress from the expected surge in higher-interest mortgage resets mean that there will be no early end to these housing-sector woes...
Foreclosures in San Bernardino shot up 987% to 1,489 in the second quarter. In Riverside they jumped 793% to 2,509. That stock will soon be competing with a 13-month supply of unsold inventory that's already on the market. Santoro is braced for the worst. "There's a tsunami coming and we're going to get slammed," he says. And while economics is always local, economic nervousness can go national - even global - in a matter of hours, as recent financial events have shown...