Existing home sales drop. U.S. Treasury considers plan to help distressed homeowners.


http://www.bloomberg.com/news/2011-07-20/existing-home-sales-in-u-s-fell-0-8-in-june.html

http://www.bloomberg.com/news/2011-07-20/treasury-explores-plan-to-help-1-million-u-s-homeowners-avoid-foreclosure.html

Rising unemployment and family finances under stress are the major culprits since there are no significant loses in the stock market. Property taxes act as a damper in the housing equation. More than ever it is necessary to revamp the way government collects revenue and do away with property taxes in New Jersey.

The U.S. Commerce Department reported yesterday that there was a jump in new housing starts in June with reference to May. 

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