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U.S. housing: Tear the roof off the sucker

Wow. Today's new home sales report for March is a superlative factory:

Sales surged 27 percent to a seasonally-adjusted pace of 411,000 — the strongest showing since July and the biggest monthly increase in 47 years. Yes, 47 years.

The gains were nationwide: Sales jumped 44 percent in the South, 36 percent in the Northeast, 6 percent in the West and 3 percent in the Midwest.

And while economists point to several factors  — better weather, low mortgage rates and most importantly the expiration of big tax incentives for home buyers — the performance was better than expected.

Of course, problems remain in housing and will remain until both foreclosures and unemployment drop.

But housing stability is a positive for the world's largest economy, and it beats the hell out of where we were just a year ago. It's also the rare economic report that calls for a little George Clinton and Parliament Funkadelic.

Enjoy:

http://www.globalpost.com/notebook/100423/u.s.-housing-u.s.-economy