The housing market, whose collapse pulled the economy into recession in late 2007, is stalling again.
Nick Timiraos discusses why, in markets across the country, home sales are deteriorating, inventories of unsold homes are piling up and builders are scaling back construction plans.
In major markets across the country, home sales are deteriorating, inventories of unsold homes are piling up and builders are scaling back construction plans. The expiration of a federal home-buyers tax credit at the end of April is weighing on the market.
On Tuesday, the U.S. Census Bureau said single-family housing starts in June fell by 0.7%, to a seasonally adjusted annual rate of 454,000. The U.S. started 1.47 million homes in 2006, before the housing bubble popped.
