The National Association of Realtors (NAR) released their Existing Home Sales Report for September showing a continued bounce-back from the truly epic collapse in demand that came in the wake of the now obviously phony baloney government tax credit sponsored surge in home sales activity.
Single family home sales increased 10% since August but remained a whopping 19.5% below the level seen last year while prices declined notably dropping 3.09% since August and 1.9% below the level seen in September 2009.
It's important to recognize that even with the latest monthly jump, the annual pace of sales is far below the lows seen even during the worst months of 2008 and early 2009.
Further, inventory remains high climbing 9% above the level seen in September 2009 which, combined with the slow pace of sales, resulted in a large monthly supply surge to 10.2.
Clearly, all can now see that the government's housing tax credit was not only a gimmick... it was a complete failure, a massively wasteful and expensive handout to the housing industry and a futile and likely very dangerous exercise in market manipulation.