Now, I am not an economist, but I do understand the significance of real estate, specifically single family housing sales, with regards to the US economy. Case and point:
The homebuyers tax credit ended on April 30th. Sales are down over 25% since the end of the tax credit, and showings are down almost 50%. Have you looked at the DOW with regards to what has happened since sales began to back track?
On April 30th, the DOW was at 11,000. It closed Friday, July 2nd at 9,680. That is a 12% drop in approximately 60 days. Here is a link to the chart
Now, the way I see it, Congress needs to stop messing around with their civil agenda, and prop up housing. If you aren't going to prop it up, then let it fall, and let it fall ALL THE WAY! There is most likely a severe decline on the horizon, unless there is a new stimulus package, for housing.
Let me know what you think,
See you online!