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June 16, 2010

Home building craters

al-Reuters slugged their piece dramatically with "plunges", but there's a fine semantic difference between the two words. When you're plunging off the roof of a 100 story skyscraper, things are still looking pretty good at the 20th floor, no real damage done yet.

Craters suggest serious damage...smoke fireballs raining from the sky, Ragnarok kinda shit... We've been there for a while now.

...As the government's tax incentives for homebuyers expired, new home building dropped 10 percent to a seasonally adjusted annual rate of 593,000 units, the lowest level since December, the Commerce Department said on Wednesday....
The take away here is that this free housing stimulus money was nothing more than a temporary prop, a phone book wedged under a wobbly table with a busted leg, it had no residual follow on effects. IOW, it was probably a total waste of our money.


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posted by Purp at 11:12 AM

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