Getting the Story Exactly Wrong on Housing - The American Spectator | USA News and Politics
Getting the Story Exactly Wrong on Housing

The AP’s story on housing prices is 180 degrees from where it needs to be: 

The number of buyers who signed contracts to purchase homes dropped in May to the lowest level on record, a sign the housing recovery can’t survive without government incentives. 

No, home prices dropped to a record low because of government incentives. The AP’s ignorance here is shocking. Let me just reproduce the graph: 

The home buyer’s tax credit expired in April, which created a government incentive for people to shift their home purchases ahead of schedule. 

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