Were the Critics Right?

July’s abrupt drop in existing-home sales produced a wave of concern in the media and in Washington. Talk was rife of a double-dip, housing recession.

In truth, the news was neither bad nor unexpected. Hopes had simply been unrealistic. Proponents had promoted the tax credit on the grounds it would kick-start the housing market.

Critics said it would simply steal future demand, at taxpayer expense.

True, existing home sales in the Boston area have been running almost 10% higher than last year, but that may be due to improved affordability.

I say the critics were right!


About Ron Cohen

Retired, I've spent the past few years describing "the life of a pond in words and photographs:" http://atmywindow.com/. Recently I've created a new photo blog devoted to "people and places along my way:" http://www.roncohen.com.
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