July new home sales fall to slowest pace on record

We’ve all heard the news about the slowdown in housing sales for the month of July and most feel it’s a bad thing.  Me... I just don’t get it.


The same people who told us for years that things were great during the housing boom, when prices where completely out of sync with rents and median incomes, are telling us that this news means that horrible things are to come.


Is anyone surprised by this?  Didn’t anyone suspect that the gov’t tax break for new homeowners that was demanded by the NAR was propping up an impossible situation?


Recovery has to be about jobs and getting people gainfully employed for the long term.  And it’s also about home prices coming back down to levels that reflect what people can afford.  When this happens, demand for houses will again increase.   ~ josh


Read the article at The San Francisco Chronicle

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