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
