Existing home sales plunge
When it looked like the First Time Homebuyer Tax Credit was going to expire, folks rushed to buy. The result was merely to pull forward demand, similar to the dynamic that played out with Cash4Clunkers.
From Reuters’ Stephen Culp:
Here’s the report from the National Association of Realtors. They try to put a positive spin on the plunge by noting that prices rose. First American CoreLogic reported last week, however, that prices are again heading down.