Home Sales Drop 27 Percent in July, Slowing Recovery

If you can't sell houses with record low interest rates ...then it is something other than over surplus of houses. It is and will ALWAYS be UNCERTAINY.... Not until administrations change and experience and common sense is restored will things get any better.....sigh...it may start in November2010 but it won't really have a chance until Nov 2012. That is if you want to see thing return to what we remember as normal. You can't expect miracles from the clueless.

Housing prices drop,forclosure rates the inventory of what is unsold ia at an historic high. Obama initiates a refinance program and now 50% who followedthe system are behind on their payments. Obama offers a tax credit,home sales go up then drop nowto histotirc lows rise. Car sales dropObama offers cash for clunkers, sales rise one or two months then drop.

Banks are not lending...

They told me if I voted for McCain this would happen......They were right................Have no fear though...the realtors own guy says they will move 5 million this year and Santa Claus will fly down the chimney

The media faied to mention the biggest factor FORECLOSED PROPERTIES, these have been the drain on the market. "recovery summer" "slowing recovery" what recovery?

The biggest factor in the housing market isn't tax credits; it's the foreclosed properties. The Federal Govenment should have required the banks to maintain the forclosed homes this would have stableized the market. Instead the banks have let these properties sit derelict, which hurts all of the homeowners in the area.

This is not surprising since the tax credit program pushed a lot of the sales for the next several months into March/April time frame. Overall, what good did the tax credit program do? Not much if any!! Might have given some a false sense of recovery but that didn't last long. Another example of a "not thought out" government program wasting time, money and other resources.

Ihave sen zero signs of so called recovery , just one big downward spiral since the Democrats took both Houses in 2006.

DOH!!!! Big surprise. Tax crdits expried and a normal slow down in sales this time of year. Especially in the suburbs, sales close by August 1 so that their kids will be in the school districts thatthey have chosen.

That new 500 million dollar GM plant being built in Mexico with the bail out money...ie our tax dollars , sure isn't helping to create any demands for housing.