Bad News, Good News

As an indication the housing market may take longer to recover than hoped, CNNMoney reports new home sales fell 8.4% in June to a seasonally annual-adjusted rate (SAAR) of 350,000, following sales in May that hit a two year high, according to the Census Bureau. Housing market analysts expected sales of 373,000, far from the annual rate in 2005 of 1.4 million. David Crowe, chief economist for the National Association of Home Builders (NAHB), says one new home construction creates about three jobs: half are in the construction trades, the rest consist of material suppliers, truck drivers, and furniture and appliance producers. As MHProNews has learned, the June rate was still 16 percent higher than June 2011. Median sales price for a new home hit $232,600 in June.

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