"Construction of new homes plunged to a record low in January as all parts of the country showed big declines in building activity.Okay - so on one hand they b & complain that the rich people are building huge homes, then they b & moan that there are too many empty houses, then they plot&plan to punish someone for having money -- and yet they worry & wail that there aren't enough houses being built.
The Commerce Department says construction of new homes and apartments dropped 16.8 percent last month to a seasonally adjusted annual rate of 466,000 units."
WHO THE HELL DO YOU THINK BUILD NEW HOMES???
It isn't cheap to build a new home ... even worse for a housing unit.
Making sure everything is up to 'code' is expensive ... then there is the planning for future coding as well. Either way, you can pretty much bet that a new modest home is going to cost at least $300,000!
Who's going to be able to get a loan for that? The guy down the road who is earning less than $50.000/yr? No, its going to be the couple who is earning what Obama/Biden have now dubbed 'upper class' (although it was amazing how we jumped from middle class to upper-middle class in one month without even getting a pay-raise!)
the New Home index should not be used as any sign of the economy - you can't punish a group and then say 'oh you aren't doing what you are supposed to'
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