The housing bubble is old news – very old. For years the Fed kept interest rates low which helped fuel the biggest housing market America had seen in years. But those good times are evaporating and even dramatic price cuts can’t keep the housing market alive.

A Bad Month
October was a bad month in the housing market. September and August were even worse. The holiday season is great for most retailers, but new homes sales have always been a bit sluggish throughout December and possibly even November.

The most interesting aspect of the poor sales in October was that the median price for a new home actually dropped 13% during the month. This is the largest pricing drop in 37 years. But even that dramatic cut wasn’t enough to get sales up to the forecasted levels. This is just one more blow in an already dismal report for the housing market.

A Buyer’s Market
It is most definitely a buyer’s market in most areas of the county. New home buyers are finding terrific deals. Builders first attempted to lure buyers with extra features on homes. Then they offered to pay a portion of closing costs or to give buyers a gift card for furniture. Now, those soft measures aren’t working anymore and builders have taken a final step – they are slashing prices.

This is terrific if you’re looking to buy your first home. There are plenty of homes on the market and you can take your time finding the one that is right for you. When you do find the home you want, feel free to negotiate the price – the builder wants the house sold at this point, even if they make far less profit than they originally anticipated.

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It’s a widely acknowledged fact that many of America’s best inventors weren’t born in the Untied States. But few realize exactly how many scientists and mathematicians from other corners of the globe actually affect American inventions and thus America’s position as a world leader in innovation.

Slightly more than 10% of the working population in the United States is foreign born. But 25% of those working in the science and engineering workforce are from other countries. Nearly 50% of those with science and engineering doctorates are born outside of the United States. So what does that actually mean for the country?

Foreign Inventors
In 1975, two percent of patents in the United States were given to inventors born in China. Today, Chinese contributions have risen to eight percent. Statistics from Indian inventors show the same trend peaking at five percent in 2000, but Indian innovations have dropped a bit since that year. Chinese inventions haven’t increased recently either. That combined with the dropping of Indian contributions, along with the drop of Europeans and American born inventions, signals that the innovative nature of the county might be in trouble. (more…)