Posted by & filed under Stockton Real Estate.

Since Monday three dismal reports on the real estate market  have been released.

Strike 1 – More than one third of the attempted loan modifications under HAMP have failed

Strike 2 – Existing home sales fell 2.2% in May

Strike 3 – New home sales fell 33% from April to May

Economists say it is now clear that the expired tax credit was responsible for the short lived buying frenzy experienced earlier this year and now the market is adjusting back to previous levels.

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