Housing Market "Years Away From Recovery"

Housing sales fell for the fourth month in a row, a bad sign for the ailing industry and the economy in general, writes Derek Kravitz.

Kravitz writes that new home sales "...are on pace for the worst year since the government began keeping records a half century ago."

The economy is to blame, but more restrictive lending policies from banks aren't helping. An economist interviewed by Kravitz says that until the job market picks up, people aren't going to be buying houses.

"Sales were uneven across the U.S. They plunged 13.6% in the Northeast, which was hit by Hurricane Irene at the end of the month. They also fell 6.3% in the West and 2.4% in the South. They rose 8.2% in the Midwest."

Full Story: Big housing blow: New home sales fall, again

Comments

Book cover of the Guide to Graduate Planning Programs 4th Edition

Thinking about Grad School?

New! 4th Edition of the Planetizen Guide to Graduate Urban Planning Programs just released.
Starting at $24.95

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $199
Woman wearing city map tote bag

City Shoulder Totes - New Cities Added!

Durable CityFabric© shoulder tote bags available from 7 different cities.
$22.00

Wear your city with style!

100% silk scarves feature detailed city maps. Choose from six cities with red or blue trim.
$55.00