New sign of a housing bubble
The number of previously owned homes on the market rose last month to the highest level in more than 19 years, while sales fell for the second-consecutive month, raising concerns that a housing bubble might be about to burst.
The Daily Record says many economists said the increase in homes for sale was actually a sign that the housing market was gradually cooling rather than threatening to implode.
More than 2.9 million homes were on the market in the United States in November, the National Association of Realtors said.
That was up 14.3 percent from November 2004, and the highest level since April 1986.
