Academic

UNEXPECTEDLY! Home Sales Drop 27%, Twice What Was Forecasted. Plus, the realtors? spin. UPDAT?

By Glenn Reynolds

UNEXPECTEDLY! Home Sales Drop 27%, Twice What Was Forecasted.

Plus, the realtors’ spin.

UPDATE: Some frightening charts.

Plus this: “The depth of the collapse suggests that in fact, the housing tax credit was not generating new demand as much as moving demand forward a few months. That means that we’re going to have to work out the aftermath in months of low home sales.” Yep. Like “cash for clunkers,” it was just a form of borrowing against future sales. We’ve had enough of borrowing, I’d think.

ANOTHER UPDATE: Tim Cavanaugh: “Should we be relieved or mad as hell that Treasury Department suits seem to realize their public comments on the economy are baloney?”

Full post as published by Instapundit.com on August 24, 2010 (boomark / email).