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Housing Market: Still A Drag

Housing market "correction" news continued: Permits for future construction dropped 8.9 percent in April, the largest amount in 17 years, according to the Pasadena Star-News. There's some good news--construction rose 2.5 percent during the month--but the big drop is worrisome to experts, who are likely exhausted of finding new ways of talking about the market. "The drop in permits is one of the biggest on record. It suggests the contraction is housing is not over and has some months to play out," said Bill Hampel, chief economist for the Credit Union National Association. "Play out"--we like. If the "slump in housing has been a drag on the overall economy, " thankfully the Dow Jones didn't notice this latest report.
· Home, unsweet home [Pasadena Star-News]