Slouching Towards Oblivion

Thursday, November 19, 2009

10 Years Of Hell

From Calculated Risk:
This morning several commentators suggested that housing starts were depressed in October because of the expiration of the tax credit (new home buyers had to close by Nov 30th to get the tax credit), and also because of the weather. Probably. But the key point is that housing starts will not increase rapidly because of the large overhang of existing vacant housing units. And that suggests that the economy will not recover quickly either.

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