Existing-Home Sales Tumble
Existing-home sales plunged in December, dropping lower than expected after three straight increases that were fed by a fat government tax credit.
Considering Barack Hussein Obama saved the economy a year ago, all the government funded economists can do is expect the economy to improve.
http://news.yahoo.com/s/ap/20100125/ap_on_bi_ge/us_home_sales
December home sales down nearly 17 percent
Sales of previously occupied homes took the largest monthly drop in more than 40 years last month, sinking more dramatically than expected after lawmakers gave buyers additional time to use a tax credit.
Do you think the drop in home sales has anything to do with the end of the $8,000 credit / bribe to home buyers?
How many people can afford to buy a home? All of the people who could afford homes when using the credit, bought homes when the credit was $8,000. That program expired. Congress in their infinite wisdumb is extending the home buyer credit for a lesser amount. So all the people who couldn't afford homes when the credit was $8,000 still won't be able to afford homes.
Government lackeys are proclaiming the increase in home sales because of the credit / bribe is proof the economy is recovering. However, they are stunned that the improved sales ended when the credit / bribe ended.
Currently we still have record high unemployment, home foreclosures and business failures. Do you think a one time credit / bribe to homeowners will be enough to kick start the economy?
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