New news! Sales figures for the U.S. housing market plunged 8.5 percent in March, to the lowest they've been since the recession of the 1990's! Inventories are higher than they've been for a quarter century— that's right, twenty-five whole years! And guess what?!?! February's figures will be even worse— we're looking at a 5.3 percent decline! Prices! Yes, prices have tanked, too— the median cost of a new home is down 13.3 percent from a year ago! Guess what else people aren't doing? Placing manufacturing or transportation orders and buying durable goods! Oh, and nobody's buying cars, either! Like, WOW! [NYT]
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