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.