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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.