More Bad News for Mitt Romney-Housing Bust is over

And hits just keep coming for Mitt Romney and the Romney Team who seems to have bet on the economy getting so bad that the American voters have no choice but to vote Barack Obama out and him in.  Personally I can’t say that I am sorry that the economy is making a slow but steady comeback despite the major lending institutions sitting on trillions of dollars instead of putting country first.  Despite those in Washington so determined to undermine this administration at all cost even if it means sinking the entire nation to do so.  Despite those who just can’t stand seeing a Black man in the White House unless his title is janitor.  Despite those whose hatred of this man has clouded their better judgment and made them so determined to chase him away from Pennsylvania Avenue that they are willing to accept any kind of lie to make them feel better. 

For those of us who truly pay attention, we know that the lagging indicator of any policy and this economy is housing.  We know that it is almost the final indicator of which way the economy is going and the better it does then the better the economy.  Well knowing this I call your attention to an article written by Mr. David Wessel of the News Hub taken from the Wall Street Journal titled Housing Passes a Milestone.  Oh yes, you read it right, Mr. Wessel’s reprint of his article can be found in the Wall Street Journal On-line which can never be considered a “liberal” paper or organization.

Mr. Wessel states that “the U.S. finally has moved beyond attention-grabbing predictions from housing "experts" that housing is bottoming. The numbers are now convincing.  Nearly seven years after the housing bubble burst, most indexes of house prices are bending up. "We finally saw some rising home prices," S&P's David Blitzer said a few weeks ago as he reported the first monthly increase in the slow-moving S&P/Case-Shiller house-price data after seven months of declines. The numbers are now convincing. The fraction of homes that are vacant is at its lowest level since 2006. The reduced inventory of unsold homes is key, says Mark Fleming, chief economist at CoreLogic, a housing data-analysis firm.  Builders began work on 26% more single-family homes in May 2012 than the depressed levels of May 2011. The stock of unsold newly built homes is back to 2005 levels. In each of the past four quarters, housing construction has added to economic growth. In the first quarter, it accounted for 0.4 percentage points of the meager 1.9% growth rate.  "Even with the overall economy slowing," Wells Fargo Securities economists said, cautiously, in a note to clients, "the budding recovery in the housing market appears to be gradually gaining momentum."

But the Romney camp can find some solace is what was also found like “Housing is still far from healthy, according to Freddie Mac's latest survey. Single-family housing starts, though up, remain 60% below the 2002 pre-bubble pace. More than one in every four mortgage borrowers still has a loan bigger than the value of the house, though rising home prices are reducing that fraction slowly” but that’s all they can do because the article further explains that “the upturn in housing is a milestone, a particularly welcome one amid a distressing dearth of jobs. From here on, housing is unlikely to drag the U.S. economy down further. It will instead reflect the strength or weakness of the overall economy: The more jobs, the more confident Americans are about keeping their jobs, the more they are willing to buy houses.”

So now we all have to ask ourselves just where this nation would be right now had all those in Washington and State Offices worked together instead of being so obstinate?

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