Housing market drops due to various factors

Wednesday, May 18, 2011 - 12:09am

It has been a weak start for the housing market in the second quarter of 2011. It may be a sign the economy may not be recovering as quickly as many had hoped.

Nationwide, new construction is not common. Housing starts in April fell 10.6% over March, which is almost 25% off where they were last year.

Home improvement giant Home Depot saw sales down, blaming the drop, in part, on the recent bad weather; Wal-Mart report domestic stores struggling; Tech giant HP cut its financial forecasts, citing problems after Japan's earthquake, which is the same disaster that is still affecting auto production and a shortage of parts.

Gas prices seem to be squeezing almost everyone else. A new Gallop Poll shows nearly 7 of 10 Americans find gas prices affecting their families.

Hard times are still sticking around for many, and signs say the economy will take time to rebuild.

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