photo credit: Akira ASKR

The Existing Home Sales saw a massive decrease after the expiration of the Federal Tax Credit and they are still dramatically lower than the same time last year. Existing Home Sales dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July. This may reflect a panic due to the artificial spike in the housing numbers by the Tax Credit, but it also may reflect the market as a whole. Remember unemployment is up to scary levels.

Construction is also at a near stand still, which makes sense since nothing is selling. Which comes first the chicken or the egg? How do you get construction started if nobody is buying, how do you get people buying if nobody is working? I think the sky is falling. Duck and run for cover.

Watch the full video from Clean TV News.

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