Housing Market sliding again after expiration of the Home Buyer Tax Credit
ByAccording to recent reports, the expiration of the Home Buyer Tax Credit failed to jump start the fledgeling housing market. In fact, nationwide new home sales are down 33% and it looks like we may have a renewed housing slump that could threaten the broader economy.
New-home sales for May fell 33 percent from April and came in at a seasonally adjusted annual sales pace of 300,000, the Commerce Department said Wednesday. That was the slowest in the 47 years records have been kept. And it was the largest monthly drop on record. Sales have now sunk 78 percent from their peak five years ago.
On a positive note- This week The Federal Reserve repeated its pledge to hold interest rates at historical lows in an effort to help stimulate economic growth.
The housing market represents a significant contributor to the nation’s GDP. It is imperative that we find ways to individually contribute to the recovery of our industry.
Read more: http://www.idahostatesman.com/2010/06/24/1243237/losing-federal-tax-credit-hurts.html#ixzz0rmtXSXZw
Author: Randall Filbert, MPA www.MyBoiseHomeLoans.com www.FamilyGuideToFinances.com
www.MyBoiseRealEstate.com www.BuyandSellinIdaho.com
This blog’s intention is to provide inspirational stories as well as historical accounts and insight into matters concerning the Boise home loan and Boise real estate markets. These are my opinions and should not be regarded as factual data.
