The NYT: Where, oh Where Has Our Little Bubble Gone?

You’ve really got to hand it to the New York Times this time: this is the most clueless headline ever:

Builders of New Homes Seeing No Sign of Recovery

Ok, let me refresh your memory: the thing that got us into this mess in the first place was loosely-given credit that allowed a glut of new home purchases over the course of a decade and a half. That includes an artificially-inflated demand for new home construction, as anyone who has ever driven through Mendon can tell you. We currently sit on a huge unsold stock level in the housing market and even existing home sales are down by 28 percent, per the same article.

I can appreciate the fact that new home construction is an industry like any other, with lots of individual tradesmen and professionals relying on that industry for employment. But the tone of the article suggests that, without a consonant recovery of pre-recession home building, there is no recovery. My suggestion to anyone relying on *new* home construction would be to find another niche within which to ply your trade, because we cannot sustain another “recovery” such as that.