More Keynesian Fail as Government Incentives End on Homes --- Rep. Brad Miller Cosponsored a Bill for More of the Same...

polifrog



Yahoo...

New-home sales in May fell from April to a seasonally adjusted annual sales pace of 300,000, the government said Wednesday. That was the slowest sales pace on records dating back to 1963. And it's the largest monthly drop on record. Sales have now sunk 78 percent from their peak in July 2005.

Analysts were startled by the depth of the sales drop.

"We all knew there would be a housing hangover from the expiration of the tax credit," wrote Mike Larson, real estate and interest rate analyst at Weiss Research. "But this decline takes your breath away."

[emphasis mine]

yet Brad Miller (NC-13) cosponsored a bill (HR-5297) to help builders construct more homes to the tune of 30bil dollars. The market is saying no to more homes.

Brad Miller, pushing failure.



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