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

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 $245

Essential Readings in Urban Planning

Planning on taking the AICP* Exam? Register for Planetizen's AICP * Exam Preparation Course to save $25.
Habitat blockitecture tower

Build the world you want to see

Irresistible block set for adults when placed on a coffee table or desk, and great fun for kids.
$25
Women's t-shirt with map of Los Angeles

City T-Shirts for the ladies!

Women's Supersoft CityFabric© Fashion Fit Tees. Now available in six different cities.
$24.00