It's the last day of the home buyer tax credit…for the second time. Of course given all the hype on the home builder web sites, you'd think this was the last day of the housing market as we know it. They're all offering deals deals deals…
I have to say I'm getting a little tired of it. The servicers slam the Treasury and the Treasury slams the servicers and more and more homes move to foreclosure as the housing recovery spits and sputters.
Never fear, big government isn't leaving the housing market entirely, and now even big Realtors are getting in the incentive game as well.
Over the weekend, after Friday's report on sales of newly constructed homes, I found myself in a bit of a "debate" with California-based real estate analyst Mark Hanson, for whom I have great respect.
This is real proof of the tax credit boost, because this data series is based on contracts signed, unlike the Existing Home Sales series we got Thursday from the Realtors, which is based on closings.
All the numbers are so deranged right now. Even the exalted S&P/Case-Shiller Home Price Index folks, put out a note this week saying that even their monthly seasonal adjustments were no good.
Forgive me for jumping the gun on earth day, but I had to relay a really interesting conversation I had today with Rhone Resch, President and CEO of the Solar Energy Industries Association.
Let me just first give a little background for those of you who don't know Ivy Zelman. She's the former Credit Suisse analyst who called the housing crash, even before the boom had peaked.
Some argue that a constant political obsession with the "ownership society" is what pushed this nation into the current housing disaster. Going back decades, presidents have pushed it and Congress, in turn, has helped open the financial doors to it.
I opened up a big can of debate Monday, when I repeated some chatter around that consumer spending might be juiced by all those folks not paying their mortgages. They have a little extra cash, so they're spending it at the mall.
