The Post noted the 6.1 percent rise in pending home sales reported for September, following the 6.4 percent increase reported for August, and told readers that housing: “is not merely leveling off but is rising at a steady clip.” Actually, the sharp upturn in the last two months is likely due to the fact that the first time homebuyers tax credit was scheduled to expire at the end of November. While it now appears that this tax credit will be extended, there were undoubtedly many people who rushed to buy a home before the expiration date.

–Dean Baker

Dean Baker is senior economist at the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, including Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer. Read more about Dean.