Tuesday, January 30, 2007
AP: Housing top story of 2006
The Associated Press has named the decline in the nation's housing as its number one financial story of 2006, followed by the trial of Enron's corporate officers, the decline of the auto industry and an internal spy scandal at Hewlett Packard.
"At the housing market's peak, buyers rushed to open houses, blank checks in hand," the wire service said. "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 they'd hoped to develop and would-be buyers canceled orders."