Three weeks ago we did a post discussing the softness of the so-called housing “recovery” – focusing in particular on the stagnation of mortgage applications. More recently, we wrote about efforts by the administration of U.S. President Barack Obama to “stimulate” the market by approving loans to people who cannot afford them.
Which in case anybody forgot is exactly what started the current recession we are “recovering” from …
Anyway … according to data released this week from the National Association of Realtors sales of previously occupied homes dipped to 4.92 million last month from 4.95 million in February. And while that number is much higher than last year’s number, only 30 percent of those sales were to first-time buyers.
That’s well below the norm … and a bad sign for the sustainability of this market’s “recovery.”
In fact we can’t wait to hear Tyler Durden’s take on all of this over at Zero Hedge (yes, that Tyler Durden).
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