U.S. Housing Recovery Failing to Build Momentum
'The market for newly built homes weakened in the first half of the year, a development that's likely to impede economic growth and could hold back job creation in 2014.
Sales of new single-family homes are down 4.9% through the first six months of the year compared to the same period of 2013, according to Commerce Department data released Thursday.
June sales fell 8.1% from May to a seasonally adjusted annual rate of 406,000. The reading was well below expectations. Economists surveyed by The Wall Street Journal had predicted a June sales pace of 475,000. Meanwhile, May sales were revised down to a rate of 442,000 from a previously estimated 504,000. The initial May reading would have been the strongest pace since the recovery began, but the revised figure isn't even the best of the year.
New-Home Sales Tumbled in June - WSJ
Over 1/2 a million full time jobs lost in June (for 799K part time jobs gained), trade deficit rising, new home sales fall hard, inflation over Fed mandate...so much for the 'it's the weather' excuse.