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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: The Reaper who wrote (264173)	7/26/2010 5:42:54 PM
From: tejek	Read Replies (1) \| Respond to of 306849

The tax credit was extended for houses that already had contracts written but had not closed so you are still seeing the effects of the tax credit. Nope. These are new contracts started in June: "June's rebound to a seasonally adjusted annual rate of 330,000 homes surprised analysts on the upside. Consensus estimates were closer to 310,000. But the Commerce Department also revised May's figure down from 300,000 to 267,000. So the total for the two months was on par with estimates, which suggests that the housing market is finally emerging from the weakness after homebuying tax incentives expired in April, analysts said." csmonitor.com The last two months sales were less than expected, bottom line. If the tax credit had not been extended you probably would have seen some contracts cancelled and the numbers would have been even worse. Too negative. The same thing happened after the C for Clunkers program ended. Sales slowed and then picked up. The West coast and NE are starting to see sales increase in more expensive homes. There is pent up demand. I would rather be negative and be wrong in this market. I don't lose any money. If you are positive in this market and you're wrong, well....... The vast preponderance of data is showing that the economy has rolled over again. Company earnings are not an indicator of economic health especially bank earnings. This administration is dreaming if they think that the economy is recovering and the more they bleat about it the more stupid they look. Administration is only slightly less negative than this thread. We are in recovery.