The National Association of Realtors released a report today that home sales dropped in June 2010, mainly as a result of the expiration of the home buyer tax credits. The silver lining, they say, is that June 2010 was still better than June 2009.
What’s really scary is that existing home inventory continued to rise in June. Apparently, in the rush to get homes built and sold prior to the end of the tax credit, builders were left with far more houses than buyers.
The tax credit isn’t coming back, so July probably will not be much better. My prediction? The next report you’ll be seeing is that foreclosures are up in August and September.