As I mentioned in 2 previous articles (one at the supposed end of the real estate tax credit last fall and the other time near the real end of the tax credit in April) – house prices would likely fall AFTER the credit by more than the credit amount:
According to the article citing a Boston Herald piece on Boston area home prices falling ~$38k or so, the end of the tax credit was not the end of deals for buyers.
from the Herald article:
“Savvy buyers knew the real savings would come after the artificial stimulus ended,” he said. “Lots of buyers felt that the credit was a fool’s game. They were determined not to be fooled by the credit’s come-and-get-it expiration date, and they weren’t going to be fooled into a bidding war.”
~ Bill Wendel, owner of Real Estate Cafe in Cambridge, MA
Just so you all know, there is no rebound in housing coming soon – as I have discussed. Housing prices are a LAGGING economic statistic – meaning they fall behind economic activity because people buy new homes and upgrade AFTER they get a job or a pay raise…and unless you work for the bankrupt state of Illinois, you likely aren’t getting a pay raise…