Tuesday, August 17, 2010

New Home Construction Tumbles 3.1%

 Some more terrible news from the supposed "Recovery Summer" that Vice President Biden proclaimed earlier this year. Apparently, along with jobless numbers going up, a falling GDP, and mounting trade and fiscal deficit, we have some more bad news. In July the rate of new home construction fell a remarkable 3.1%.

There's even some more bad news as apparently the problem is seeping over into builder and consumer confidence:

The National Association of Home Builders said its monthly index of builders’ sentiment about the housing market fell to 13, the lowest reading since March 2009. The index is adjusted for seasonal factors.
Readings below 50 indicate negative sentiment about the market. The last time the index was above 50 was in April 2006.

Well, at least Obama will have to spend another $300 billion on another bailout!

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