Oh, so much for the Pollyanna's like Coldwell Banker, among others of the "big boxes" who said that the incentives wouldn't matter. That home buyers would still be out there. Well, see what happened when the incentives to buy went away?
July was the slowest pace for single family house sales since May of 1995.
"Thanks to the home buyer tax credit, home values have been stable for the past 18 months despite heavy job losses," Lawrence Yun, Chief Economist and Senior Vice President of Research at the National Association of Realtors, said.
Well, bye-bye, home buyer tax credit and as the job market continues to make slow and slow and slow progress toward an economic recovery, it will be years before we get rid of the glut. Even if people could afford to buy, at the present rate it would take nearly two years to get rid of the inventory now on the market.
So, as the government, at all levels, continues to make it more difficult for us to sell off that inventory. just pray you don't live next to an abandoned home for two years.
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