Existing Homes Sales Boosted By Homebuyer Credit Mad Rush

This morning, the NAR reported an October home sales surge of 10.1%.

Breaking down the numbers, Calculated Risk (CR) points out that the non-seasonally-adjusted data was higher year over year vs. 2008 for the firth month in a row and higher than 2007 for the second consecutive month. This is clearly positive news.

Home Sales

Yet CR also warn that homebuyers rushing to capture homebuyer tax credits before the end of October (the previous expiration date, this has now been extended) likely boosted the data slightly.

Finally, while inventory came down nicely, this decline was itself boosted by seasonal factors and still remains remarkably high. The data was good, but not as good as it may first look.

Check out further analysis at Calculated Risk >>

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