2011 was the worst year on record for sales of new homes. The dismal year was capped by a drop in home sales in December.
The AP reports:
"The Commerce Department said Thursday new-home sales fell last month to a seasonally adjusted annual pace of 307,000. The pace is less than half the 700,000 that economists say must be sold in a healthy economy.
"About 302,000 homes were sold last year. That's less than the 323,000 sold in 2010, making 2011 the worst year on records dating back to 1963.
Mitt Romney has spent a lot of his time in Florida talking about home foreclosures. The housing crisis is one of the few problems that Romney can use to attack both his Republican rival Newt Gingrich and President Obama.
Millions of homeowners are finding out that their property taxes are either holding steady or climbing, even as their house may be worth much less. There may not be much they can do about it.
In Ohio, Cuyahoga County's fiscal officer, Wade Steen, has been taking many calls from unhappy homeowners. He says they most often live in a community where voters passed a recent levy. That's a property tax measure that boosts funding for things such as schools and libraries.
Join host Tess Vigeland and contributors from The New York Times this Saturday at Noon, for a report that really hits home. This special episode of Marketplace Money, entitled "Which Way Home", will ask if home ownership is still a part of the American Dream.