What Me Worry?

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“What Me Worry?” was the phrase used in Mad Magazine and I think it is appropriate here.

They say bad news comes in threes:

 First, the National Association of Realtors reported existing homes sales dipped 2.2% last month.

 Second, the National Association Of Home Builders shows sales of new homes dropped a record 32.7% in May. This is the lowest level in four decades.

Finally, the Mortgage Bankers Association showed mortgage applications dropped off by 5.9% even when mortgages are at a all time low.

All three indicate the real estate market is struggling after the First Time Home Buyer Tax Credit expired April 30, 2010.

Lets hope there is a silver lining somewhere for real estate in the near future.

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