Please click on the graph above provided by the Calculated Risk Blog to get a detailed look at new and existing sales since 1994. An alarming gap has opened up over the past few years.
Though the market has been picking up, the activity revolves around existing home sales and not new home sales which positively impacts the overall economy on a more significant level. The gap was initially caused by distressed sales but more recently the gap has been widened as a result of the first-time home buyer tax credit.
Hopefully this gap will begin to start closing over the next few years...
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