Housing Market "Years Away From Recovery"

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."