Sales of new homes drop again
In what should come as a surprise to no one, the sales of new homes dropped once again this May.
The sales of newly built single-family homes dropped 2.5 percent in May. You can read the bad news here at the online home of the National Association of Home Builders.
Officials with the Home Builders Association used the news to again encourage Congress to pass housing-stimulus legislation.
Personally, I’m not so sure about that recommendation. Any stimulus package would be a short-term fix. The slowdown in home sales of all kind is the natural result of an industry that grew too fast, too quickly. We are now in the middle of a correction. It’s painful, but inevitable. Legislation would just muddy up the natural course of this correction.
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