Another sign of an economic recovery is car sales were the strongest they have been in four years in March. Sales were 12.7% ahead of sales a year ago and are tracking a 14.4 million unit pace for the year, compared with 12.8 million vehicles last year. Demand for fuel efficient vehicles is increasing.
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The Federal Reserve realizes that the U. S. economic recovery is not likely to strengthen appreciably until residential construction recovers. The recent agreement between state attorney generals and major U.S. banks to resolve disputes regarding the handling of housing foreclosures is a plus. Now progress can be made in dealing with the shadow inventory of housing that is in default or mortgages that remain unpaid. In communities with a high number of shadow inventory homes, it is very difficult to get the housing construction sector started again because buyers fear that home prices will go down when the shadow inventory is put on the market.
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