Wednesday, July 25, 2012

The Bottomless Bottom

The housing market can't seem to find the bottom.

Sales of newly built homes fell hard in June, despite newfound optimism in the housing recovery, especially among the home builders themselves.
Signed contracts to buy new homes fell 8.4 percent from the previous month, according to the U.S. Commerce Department, although they are still up 15 percent from a year ago.
Sales levels are now at their lowest since January.
This is the second miss for housing in the same month. Sales of existing homes fell as well, despite expectations for a gain.
Recovery summer!

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