Home Sales Fall, Again.


Posted by Admin - March 23rd, 2010

In the month fo February, the sale of homes and condos sank, again, for the third month in a row. Existing home sales fell by .06%–not a major dip, but not quite the recovery many were expecting either.

Sales of existing homes have thus fallen three consecutive months, after having risen steadily through the fall in response to a federal subsidy for first-time home buyers. The tax credit has been restored and expanded to repeat buyers, but there has been no rebound in sales yet.

“The latest report adds further evidence that the extended home-buyers tax credit has so far failed to stimulate demand,” wrote Anna Piretti, an economist for BNP Paribas.

This fall could have a major effect on prognostications about the economy over the next year or so. Many economists were predicting a fairly quick recovery, but these numbers seem to contradict those claims.