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January 25, 2010

"unexpected" - December home sales "plunge" 17%

Even giving away $8,000 isn't enough to re inflate the bubble anymore.

Sales of previously occupied homes took the largest monthly drop in more than 40 years last month, plunging far deeper than expected after lawmakers gave buyers extended time to use a tax credit...

...Sales had been expected to fall by about 10 percent, according to economists...

Buyers were no longer scrambling to qualify for a tax credit of up to $8,000 for first-time homeowners. It had been due to expire on Nov. 30, but Congress extended the deadline until April 30.

For the record, I'm predicting that gravity will fail this afternoon. If you somehow manage to stay plunked in your chairs, that will be quite unexpected.


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posted by Purp at 10:40 AM

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