Diana Olick of CNBC talks about the latest existing home sales data from the National Association of Realtors and how the March surge compares unfavorably to last November when the first round of tax credits was about to expire.
The inventory of unsold homes remains uncomfortably high, particularly when considering the size of the foreclosure pipeline which is expected to begin emptying at a faster pace. As for prices, those seasonally adjusted Case-Shiller Index gains appear to be some sort of statistical fluke, Standard and Poor’s now recommending that the unadjusted data be used instead, data that shows home prices declining rather than rising over the last four months.
