Other than the folks in DC, I’m not sure anyone in the US is enjoying Obama’s “Recovery Summer.”
Bloomberg: Housing starts fell in June to the lowest level since October as a slump in sales following the expiration of a government tax incentive caused U.S. builders to cut back.
Work began on 549,000 houses at an annual rate last month, fewer than the median estimate of economists surveyed by Bloomberg News and down 5 percent from May, Commerce Department figures showed today in Washington.
The retreat following the end of government support shows it will be difficult for the industry that precipitated the recession to sustain a recovery. Mounting foreclosures will swell the supply of houses on the market and pressure prices, while prospective buyers shy away as a lack of jobs shakes confidence in the world’s largest economy.
How long will it take the “leaders” in Washington to call for more housing stimulus?
Tags: down, housing, obama, recovery summer, starts, stimulus
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