The Census Bureau reported today that new-home sales in November came in at a seasonally adjusted annual rate of 490,000. That was a 4.3 percent increase over October, but it only occurred because October was revised steeply downward by 25,000 to 470,000; August and September were also revised slightly downward. Actual sales were 34,000, the highest November figure during the Obama era but lower than all but three other years since 1970, all during recessions.
It has become painfully clear during the past seven years that the homebuilding industry won't genuinely recover as long as the current reckless Obama fiscal policy and its red tape-infused regime of regulations are in place. So what can an economics writer at the Associated Press, aka the Administration's Press, do to make a "recovery" look at least plausible? Josh Boak's answer: Lower the bar.