Normally the building industry powers economic recoveries. Each new home built creates, on average, the equivalent of three jobs for a year and generates about $90,000 in taxes, according to the National Association of Home Builders.
But housing has been at the center of this downturn and it shows no signs of recovering quickly.
The only time new home sales were slower was in May, when the sales pace was 282,000. That’s the worst pace on records dating back to 1963. July’s results had been the worst on record, but were adjusted upward.
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