Sales of Existing Homes Drop in October
Sales of existing homes fell a bigger-than-expected 2.7 percent in October, a fresh sign that the red-hot housing market is cooling. The decline would have been worse without increased demand from displaced hurricane victims.
“The decline would have been worse without increased demand from displaced hurricane victims.”
I don’t know who wrote this, but really it makes little sense. First, the demand from katrina is not yet recorded; other hurricanes have had a minimal effect. Second, who cares about the source of the demand? Why is it better to have a housing demand from yuppies instead of from those who have lost their homes?
If you don’t care about the source of demand for housing, do your part for Bush “prosperity” — burn your house down and build a new one.
Again, this makes no sense. Thte post is a good example of what is called “The broken window” fallacy, and it was completely answered by Bastiat in the 19th century. It’s surprising that this still goes around. You can read about it at http://www.econlib.org/library/Bastiat/BasEss1.html
“The Library of Economics and Liberty” from “The Liberty Fund.”
Great, another cultist troll.
Are you insane? The page is from Bastiat! There is absolutely nobody, right or left, with a knowledge of economics who argues the point of the “Broken Window” fallacy.
Another economics genius. Who doesn’t seem to understand that corrupted time series are not a great basis for projecting never-ending Bush prosperity.