I might believe in the Loch Ness monster, if...
â€¢ the economy slumps
â€¢ resales lose ground in May and June
â€¢ foreclosures surge
Otherwise, the National Association of Realtors has said it won't seek another tax credit. The economy seems to be picking up. And though a lot of foreclosures are expected this year, the administration has a new program it has unveiled and, at least in California, there does seem to be slowing for now.
As for resales in May and June. Will the momentum from February and March carry over into the summer buying season? I'll hazard a guess that sales might not improve much year over year, if at all. It is likely we'll see a momentary pause as we did in December and January. Pundits have been all over the map. I like the predictions that housing and real estate will be picking up significantly by year's end.
That's my two cents.