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Friday, April 20, 2012

When Will This End?

It's interesting - in a perverse sort of way - that it was the housing issue (i.e., the overextended subprime loan market) that precipitated the current recession, and it's the housing situation that continues to vex lo these many years later:
Existing-home sales fall 2.6% in March, adding to downward housing trend
By Ed Morrissey

Yesterday, the Census Bureau showed new-housing starts plummeting 5.8% last month from February, which stunned analysts expecting a slight uptick in the series. Today’s report from the National Association of Realtors shows that it’s not just the new-home market that tanked in March, a result which once again surprised analysts:

Sales of previously owned U.S. homes in March unexpectedly fell for the third time in the last four months, showing an uneven recovery in the housing market.

Purchases dropped 2.6 percent to a 4.48 million annual rate from 4.6 million in February, the National Association of Realtors reported today in Washington. The median forecast of economists in a Bloomberg News survey called for an increase to 4.61 million. In January, sales at a 4.63 million rate were the strongest since May 2010. [link]
Downward ... downward ... ever downward ...