This week, the New York Times launched The Upshot, combining aspects of the Washington Post’s Wonkblog with Nate Silver’s 538. Edited by Pulitzer Prize winner and former economics columnist David Leonhardt, we linked to the inaugural piece “America’s Middle Class Is No Longer the World’s Richest.”
This morning, I want to direct your attention to another nice Upshot column, this time, by Neil Irwin: `Why the Housing Market Is Still Stalling the Economy.” I like the column, which tries to explain why the housing market is still soft. It does a nice job of combining history, demographics, current sales data and charts.
Irwin focuses on two areas: Residential overbuilding during the boom and a lack of new household formation since the bust. You probably recall the massive new home construction during the boom; economist David Rosenberg has pointed out that we are still at levels of new home construction and sales that are associated with the bottoms of prior recessions.
Source: Calculated Risk
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.