It is starting to look more likely that a double dip in the recession could be at hand. Home sales for the month of July took a dive, tumbling more than 3% from June sales. Tough lending policies and appraisals coming in under offers are reasons cited.
I think it is pretty clear to most folks that as long as home sales continue to lag, so will the economy. The crash in the housing market brought us in to this mess, and it will either bring us out, or it will keep us down. Right now, it is doing it’s dangest to keep the economy down.
I wonder if any the experts are willing to say that people are afraid of purchasing a home right now with the economy in turmoil. Consumer confidence, although up in recent weeks, is down pretty significantly over the past year.