Just like everyone with even so much as half a brain said they would:
Sales of previously occupied homes took the largest monthly drop in more than 40 years last month, sinking more dramatically than expected after lawmakers gave buyers additional time to use a tax credit.
The report reflects a sharp drop in demand after buyers stopped scrambling to qualify for a tax credit of up to $8,000 for first-time homeowners. It had been due to expire on Nov. 30. But Congress extended the deadline until April 30 and expanded it with a new $6,500 credit for existing homeowners who move.
“It’s ‘exit stage left’ for first-time homebuyers,” wrote Guy LeBas, an analyst with Janney Montgomery Scott.
Because the tax credit just accelerated the pace of buying, it didn’t bring any new buyers in to the market. Its just like with car sales – “cash for clunkers” just speeded up what was going to happen, anyway. Someone send Obama a note and explain that we don’t need people doing what they’re doing – we need people to starting doing new things; you know – creating wealth, and all that.
Its like dealing with the most obtuse set of people in human history; our modern liberals. They just don’t or won’t see what is going on.
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