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"It's the End of the World As We Know It..." or is it?
REM sang it and now we are singing it too. "It's the end of the world as we know it." Of course, we are talking about the end of the Real Estate market. But hasn't that been the hit song sung by CNBC and the news headliners for the last 2 years? So what is the reason for the end of the world this time? Let's recap.
On August 24th it certainly seemed as if the housing market was falling apart at the seams when the National Association of Realtors (NAR) announced the sales forecast for the 2010 year fell short. Sales of previously owned homes fell 27.2% in July as compared to June.  That is like saying if 200 homes sold in the month of June then only 146 home sold in July. So why was that such a shocker to the analysts? Did they forget that the 8,000 Tax incentive's Rule #1 was that Buyers had to settle by June 30th. (That was extended by the way at the 11th hour.)  Hello people, of course June sales would be higher than July sales. Of course the tax credit would artificially stimulate the number of settlements in June and create ... more

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