Wednesday, June 23, 2010
The news is not good on the real estate home front as the recovery seems to be staggering while trying to get back up on it's feet.
The US Commerce Department announce today that new home sales have had the biggest drop in history during the month of May by dropping 33 percent.
Couple with this the fact that mortgage applications also drop 1.2 percent, according to the Mortgage Bankers Association, it appears the heralded housing recovery has not started yet.
Experts are now saying the recent increases in sales and activity may have been the result of the tax incentive.
Aren't you glad we have experts to figure all this stuff out. DAH!