First-Time Home Buyer's Credit...Success?
When this administration first announced the first-time home buyer's credit, it was announced that it's goal was to prevent home values from declining further.
Back then I said nothing could prevent home values from finding their natural bottom. Well, after one month since the program ended, the facts are proving my point.
Home prices fall 3% in early 2010
"The housing market may be in better shape than this time last year; but, when you look at recent trends there are signs of some renewed weakening in home prices," says David M. Blitzer, chairman of S&P's index committee.
Brad Hunter, who follows the housing market for Metrostudy, a consulting and data-providing company, is predicting further price erosion along the lines of 10% or so before the market fully bottoms out.
"I've been dismayed by how weak demand has been across the country," he said."
Personally, I'm not dismayed at all. Home values are determined by very basic causals. The market will only bear what those who live in a given area can afford and are willing to pay.
Look for further erosion to occur.
Re: First-Time Home Buyer's Credit...Success?
And now this from Fortune's website;
Think housing is recovering? Think again.
Why the housing recovery will slow - May. 25, 2010
(Fortune) -- "Americans purchased homes at a surprising clip in April, but don't let that fool you into thinking the housing market is back.
Although economists were expecting a month-over-month increase of 5.5%, the National Association of Realtors reported yesterday that sales of previously owned homes rose an unexpected 7.6%. That continued a yearlong rise in housing activity and marked the highest number of sales recorded since November of last year."
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