Existing home sales plunge

January 25, 2010

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.


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Look, the “First Time Homebuyer Tax Credit” has never gone down nation wide. Ever expanding “First Time Homebuyer Tax Credit” will increase the wealth effect, and fund, through rising home equity, greater consumer consumption, therby causing ever increasing asset values. This massive liquidlity increase makes us all RICH, RICH, RICH! As I have often noted, debt is wealth, and borrowing is income. Dow 36,000 billion trillion.

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