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November 19, 2009

Entire Housing Recovery Is Built on Sand

Randall Forsyth, Barron's

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By RANDALL W. FORSYTH | MORE ARTICLES BY AUTHOR

THE ONLY REAL SURPRISE in the latest disastrous batch of data on housing is that anybody is surprised.

With the $8,000 tax credit originally set to expire, housing starts plunged nearly 11% in October, to a seasonally adjusted annual rate of 529.000 units. That put new home construction back to the dismal levels of last spring before a temporary blip lifted housing activity during the warm-weather months.

Even though the home-buying subsidy was...

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TAGGED: bailout, Randall Forsyth, housing

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