The antiquated media would have you believe that an increase in home sales in April is a signal that the Obama economy is in recovery. Not only are they wrong; the worst hasn’t even hit yet. The recent up-tick in sales was caused not by a better economy, but by the homebuyers’ tax credit, which expired April 30th. Units under contract by April 30th will still be eligible for the credit, so expect more synthetic numbers to be released during the summer. There is no possibility of sustaining the current government driven sales numbers as long as unemployment stays high. [more...]
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