Today, the government said housing starts nationwide fell to their lowest level since October, a day after the National Association of Home Builders reported declining confidence among its members.
Builders started work on 549,000 homes in June, down 5% from May and off 6% from a year ago.
The housing market enjoyed a brief upswing this spring, fueled by the $8,000 and $6,500 tax credits for first-time buyers and existing homeowners who purchase new residences.
But not only have those credits expired as of April 30, but the economy has soured as well. So housing analysts who thought the market was turning around have instead reversed course, predicting more softness until the job market and the economy improve.
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