Wait, Actually Existing Home Sales Really Sucked

Wait, maybe that positive existing home sales number was a total joke. Real estate analyst Mark Hanson thinks the NAR is cherry picking one dubious seasonally-adjusted number, while ignoring the real story.

Says Mark:

The tax credit effectively extended the purchase season which is why sales were even this strong. But when you consider the hundreds of billions spent to prop up the housing market, which only resulted in 34k additional sales over last September (one of the worst years on record for housing) and fewer sales YoY in CA, sales were really not that great. When organic sales go away suddenly for the season, which will happen in the near-term whether the tax credit is extended or not, it sets sales and prices up for the largest swings lower we have seen since all this began two years ago. 

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