The entirely predicted news:
As the end of the home buyer tax credit neared last month, we all argued whether or not the increase in sales and the relative price stabilization could survive on their own.
The first clues indicate the answer is: No.
One full week after the tax credit’s expiration, mortgage applications fell 9.5 percent; this as mortgage interest rates dropped below 5 percent.
We done told ya and we done told ya – all you liberals were doing was advancing the purchase dates of people who were already looking for houses. There was no organic growth in housing demand – and now that we’ve hustled everyone in to purchases early in the year, the rest of the year will be a real dud. Real Estate agents who become unemployed starting in June should send their complaints to DC.
With the massive “shadow inventory” of foreclosures and short sales and this dip in demand caused by government incompetence, we are set for yet another harsh decline in home prices. I’ve already started to see it out here in Las Vegas – new homes which were recently listed for $170,000.00 are now listed for $140,000.00. All we did with all this phony government actions was make it seem like things were happening – they weren’t.
Not in the housing market, nor elsewhere in the economy. The fact that our federal deficit in April was four times the level of last year shows that there is no recovery – if there were, then we would have at least matched April, 2009 in tax receipts.
Smoke and mirrors recovery. Massive additional debt. Banksters sitting pretty on taxpayer dollars. This is Obamunism.
How does it taste, liberals?
