Property sales have dropped alarmingly over the course of the summer and the grim reality of the situation is that supply far exceeds the demand for homes at this point in time. The fallout of all of this is that the Obama administration might be forced into making a prickly decision soon; should they continue to support current home owners or let the market bottom out and support future home owners? It’s the proverbial devil and the deep blue sea conundrum, and it’s an unenviable situation to be in. It has been a year and a half, and everything has been tried by the Obama administration but all of them have fallen flat and failed to inject any zest into a moribund market. The avowed aim was to steady the market before whetting consumer appetites that would be ready for the renaissance [...]

As sales of real estate plunge still further, dipping to their lowest in 15 years, economists are speaking in hushed tones about an impending double dip in housing prices. It doesn’t take a rocket scientist to figure out that this will take a stranglehold on the economic recovery and slow it down still further. Home sales contracted by 27.2% in the month of July and this beat expert expectations by a huge margin, being twice the contraction that analysts had predicted. This drop coincides with the withdrawal of the $8000 homebuyer tax credit and it is without a doubt that this has greatly served to change sentiments on the topic of buying a house. That credit was one of the few things that brought buyers to the vacant plots for sale and there was a mad rush to beat the April 30 deadline for [...]