Housing Market Drop Tops the Year's Business News, Builders Nix Projects and Renters Stay Put
"The nation's house party ended with a thud in 2006, leaving everyone from condo flippers to Federal Reserve chairman Ben Bernanke waiting to see what would happen next."
"At the housing market's peak, buyers rushed to open houses, blank checks in hand. Lenders gave big-money mortgages to people who could barely afford their monthly payments. That ended in 2006, when home builders scuttled projects, walked away from land they'd hoped to develop and would-be buyers canceled orders."
"Speculators fled the market. Not only did they stop buying, they put properties they owned up for sale."
""Investors were a bigger part of the market than many thought, including ourselves," Ara K. Hovnanian, the president and chief executive officer of homebuilder Hovnanian Enterprises Inc. said in June."
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