not see what looks Good, may not be all that good...
and what looks Bad, may not be all that bad.
However, if NAR chief economist Lawrence Yun is correct, then...
The tax credit "has been a resounding success,"
This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out.
That is both an economic AND a political statement.
Bcuz, IF that is true, it means that a massive shift in middle class wealth was prevented.
There are those, such as Calculate Risk, who contend that it did not happen that way
and the credit was bad, very bad, for U.S.
We think, however, that it was, along with the FMae&FMac bailouts, essential for the economy.
And, more important, for the political stability of the country.
Without the bailout of FMae&FMac there would have been NO funding for ANY real estate sales after July 08.
And, without the ability to sell your home, you could not move to take any new jobs.
True, with the price of gas now, you probably cannot afford to drive there...
BUTT, of the joke, is that IF Americans HAVE to stay in their homes bcuz they cannot sell them...
they loose the "promise of mobility" that underpins the psyche of who Americans think they are.
Trust me, Americans would not like that..., at the polls.
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Existing home sales soar in March
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Existing U.S. Home Sales Climb to 5.35 Million Rate
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Sales of Existing Homes Are Aided by Tax Credit
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How foreclosure impacts your credit score
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