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> Window on the Economy, July 2009It will take more than hope to fix this. The most recent rounds of housing market data suggest that housing starts, at least single family starts, and home sales are beginning to stabilize, albeit at exceptionally low levels. Home prices, while still declining, are at least beginning to decline at a slower rate. After what have been deep and painful collapses in new residential construction and home sales, any hints of stability, even at low levels of activity, would indeed be welcome developments. Unfortunately, however, these signs of stability may prove to be fleeting. The June employment report served as a stark reminder that the recession continues to exact a heavy toll on the job market, not only in the form of still-heavy job losses but also in the form of reduced hours worked and declining aggregate earnings. © Mission Residential. All rights reserved.
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