The Corner

More Bad Housing News

Well, it isn’t all bad. At least the housing market appears to be finding a bottom — despite the billions and billions of taxpayer dollars outlaid to cushion its fall:

WASHINGTON — Sales of new homes dropped sharply last month to the slowest pace on record, the latest sign that the economic recovery is fading.

The Commerce Department said Wednesday that new home sales fell 12.4 percent in July from a month earlier to a seasonally adjusted annual sales pace of 276,600. That was the slowest pace on records dating back to 1963. The past three months have been the worst on record for new home sales.

Weak sales mean fewer jobs in the construction industry, which normally 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.

“If new homes aren’t selling, there’s no incentive to build more,” said Nigel Gault, chief economist at IHS Global Insight.

Daniel Foster — Daniel Foster has been news editor of National Review Online since 2009, and was a web site editor until 2012. His work has appeared in The American Spectator, The American ...

Most Popular


Familiar Music (Discordant)

Rallying the folks, Viktor Orbán was playing some familiar music. Do you recognize it? “We are fighting an enemy that is different from us. Not open but hiding; not straightforward but crafty; not honest but base; not national but international; does not believe in working but speculates with money; does not ... Read More
White House

Why Tillerson Had to Go

Of all the abrupt comings and goings in this administration, the dismissal of Rex Tillerson is undoubtedly the most important — maybe one of the most important firings since Harry Truman fired Douglas MacArthur during the Korean War. By dismissing MacArthur, Truman drew a firm line between military and ... Read More
Politics & Policy

Hillary’s Other America

I am still chuckling at Hillary Clinton’s speech in India. Among the things she said: If you look at the map of the United States, there is all that red in the middle, places where Trump won. What that map doesn’t show you is that I won the places that own two thirds of America’s Gross Domestic product. ... Read More
Politics & Policy

Samantha Power Regrets

‘I’ve had a lot of bad ideas in my life,” former U.N. ambassador Samantha Power tells Politico. “Though none as immortalized as that one.” Wow. It’s a major concession. And what might “that one” be? Not standing idly by in the White House while Iranians protested a fixed election in 2009, then ... Read More