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There’s a lot of debate in government and in the blogosphere about what’s happened to the housing market since the homebuyer tax credit expired.
The carnage is clear in the numbers. Since the tax credit ended, home purchases have dropped significantly, despite a recent bump (see graph). As the New York Times reported last weekend in a story about what to do about the housing crisis, sales of new homes are lower than the worst point of the recession of the early 1980s, and mortgage rates at that time were double what they are now.