From CalculatedRisk, I hear that existing home sales have dropped sharply in December. Home sales, in a seasonal-adjusted annual rate (SAAR), were 6.54 million in November and dropped to 5.45 million in December (still up 15% from December last year). On CalculatedRisk, Bill McBride comments that this drop is due in large part because there was probably a rush to home buying in November to take advantage of the first-time home buyers credit. This credit has now been extended to April 30, 201. With people rushing to buy homes, I still have to wonder if we aren't pushing people to buy homes they cannot afford.

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25 January 2010