Market Mover: Existing Home Sales up 9.4% as Home Buyer Tax Credit nears end:prices drop 8.5% y/y to median price of $174,900…
This will give us a nifty GDP bump for Q3-Q4. But it is cannibalizing future sales as clunkers did. Isakson and Dodd are looking to extend this credit to ALL home buyers which would extend the GDP bump but help to collapse the US dollar IMO as our deficit continues to soar…I am still calling for a double dip…
Home resales rose far more than expected last month to the highest level in more than two years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires.The National Association of Realtors says sales rose 9.4 percent to a seasonally adjusted annual rate of 5.57 million in September, from a downwardly revised pace of 5.1 million in August…
Prices fell another 8.5% year over year to median of $174,900…
ginaswo
Brace for Impact: Team TOTUS comes out for extension of homebuyer tax credit « Moderate in the Middle replied:
[...] an apparent reversal of sentiment from that expressed by HUD chief Shaun Donovan in his testimony to Congress just weeks ago when he said it was very expensive, the WH is endorsing [...]
October 29, 2009 at 11:59 am. Permalink.