For most of 2013, it looked as if a robust housing recovery was underway. Since housing is a huge part of the overall economy, that bred hope for stronger growth in 2014, along with the hiring and spending that ought to come with it.
But housing has the blahs in 2014, prompting concern that the 2013 spurt may have been a false spring driven by temporary factors or a misreading of events. The latest data show sales of new homes down 13% year over year and sales of existing homes — which is most of them — down 8%. Applications for new mortgages recently hit a 14-year low, as potential buyers seem to be backing away.
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