[mEDITate-OR:
not see that this is really skewed data.
Last month there was a tremendous rush to buy before the expiration of the Buyers Tax Credit.
This month there is not the rush.
However, what you DO need to know is that home listing prices are now dropping precipitously.
And, many are taking their home off the market.
Those that needed to sell, were very lucky if the did sell.
Those that needed to sell and did not, are in a world of hurt.
Hence the drop in listing/asking prices.
Those that did not need to sell, but were testing the market, went back home.
Where they will stay for quite a while.
In fact, those buying now are paying a lower effective price than those who bought under the Tax Credit.
NOW, may actually BE the time to buy.
However, as the 2nd article point out to U.S. - we probably can't.
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Sales of new homes in May hit record low
End of homebuyer tax credit contributes to 33 percent decline
Sales of new homes collapsed in May, sinking 33 percent to the lowest level on record as potential buyers stopped shopping for homes once they could no longer receive government tax credits.
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Tighter standards slow housing market
Borrowers plow through piles of paperwork, endure lengthy scrutiny
Even for successful buyers with sterling credit, getting a mortgage these days can be an enormous ordeal, especially compared to the easy-money days of just a few years ago.
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