Housing's Double Dip: Numbers Tell How Bad It Is

Housing's Double Dip: Numbers Tell How Bad It Is

www.cnbc.com

—The number of homes that closed in May are down more than 5% compared to April.

—Newly signed contracts in May dropped more than 10%, a sign of a real estate drought this summer.

—Internet searches on real estate sites are down 20 percent compared to this time in 2009.

The last two were pretty expected, but I'm curious why the May closings are down. These closings would have represented contracts signed in March, leading up to the end of the tax credit, or the real surge.

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As the incentives dry out for new homeowners so the numbers of homes been sold.

While our government claimed a surge on new home sales due to incentives as a "recovery in the housing market" the truth is, that is never been one yet.

This is not good for the government call of recovery, it only shows the deceptions been play when it comes to numbers.

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