We here could have told them so, but would they listen?
"The housing tax credit was a clear and unequivocal failure. Not only did most of the benefit go to people who were going to buy anyway, but the credit didn't reduce the overall supply (the total supply includes both homes and rental units). The credit just incentivized some people to move - and pulled some sales forward - and to the extent the credit went to new home sales, it actually was counterproductive by increasing the excess supply. This is a textbook example of bad policy".Here's the link to the full WSJ article. Cara points out in today's bits bucket how D.C. is different. (Apologies to Ben Jones for our specialness).
6.3 MOI, amongst the lowest
0.6% rise in inventory, miniscule
6.2% increase in price, amongst the highest handful
6.8% jobless rate NONE better
9.8% overdue payment rate, bottom third and enviable compared to many.