Owens Corning down due to housing slump

The Toledo-based company released its fourth quarter and 2007 financial results Wednesday, showing overall sales down 7.8 percent from 2006 and insulating systems sales down 15 percent.

“Sales have been significantly impacted by market demand in new residential construction,” company spokesman Jason Saragian said. “Virtually every insulation manufacturing facility has been impacted by curtailment or shift reduction.”


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The Great American Housing Bubble (which is now crashing) caused 10-20 years of future home appreciation and demand to be brought back into the present over a period of 5 years or so. What's now ahead of us (largely due to continued government interference in the free nature of the market) is a Japan-style of collapse and stagnation. Japan in fact is largely STILL mired in the stagnation that started with the 1990 property-speculation collapse. I predicted before that the earliest that homes could rise in price was 2013 to 2015 depending upon national region. But once the Bank of America seriously proposed the formation of another RTC, but this time for mortgages, then those benchmarks will greatly extend. I don't expect home prices in the nation to rise again until 2015-2020, depending on area.

Debt is not wealth. I look forward to the day when Americans will understand that once again, and will value SAVING MONEY (both by stashing it away for the future, and by reducing their expenses) over all this speculation in stocks, bonds, gold/silver and houses.

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