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Pending Home Sales Decrease Sharply

By Anonymous

From the NAR:

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in November, fell 16.0 percent to 96.0 from an upwardly revised a 114.3 in October, but is 15.5 percent higher than November 2008 when it was 83.1.

On the extended and expanded tax credit:

[Lawrence Yun, NAR chief economist] projects an additional 900,000 first-time buyers will qualify for the extended tax credit in addition to about 2 million who have already purchased; 1.5 million repeat buyers also are expected to benefit from the credit.

The extended and expanded tax credit was estimated to cost taxpayers $10.8 billion, but based on Mr. Yun's numbers, the tax credit will cost close to $17 billion (way over the initial estimate and just like the first tax credit, most buyers who receive the tax credit would have bought anyway).

Full post as published by Calculated Risk on January 05, 2010 (boomark / email).