There seems to be at least a tiny bit of good news about the U.S. housing market showing up in government stats for June.
The devastated housing markets of the nation, from California in the West to Outer Banks foreclosures in the East, has been blamed (along with Wall Street) as one of the major “triggers” that launched our current economic recession. So obviously it was good news when the Commerce Department recently released statistics that new home construction in June was up slightly for the first time since last November.
Even a casual look at the news from any section of the nation will show you that the housing industry is still in a major funk. Millions of people are “upside down” on their mortgages, many of them people who have done well at home ownership but are suffering because of the market in their towns and cities turning down in a major way.
A ray of hope shining in the darkness of the recession? Maybe. Sure can’t hurt. Little by little we seem to be climbing out of this economic mess.