Sales of homes in the U.S., along with their prices, soared after Congress gave first-time buyers an $8,000 tax credit. When the subsidy expired, so did the boost, with only 28,000 homes sold in May, the lowest number recorded for that month. The tax credit did nothing about high inventory, unemployment close to 10% and millions of underwater homeowners, according to The Economist. "And Americans are now left wondering when housing's second dip will find its bottom and real recovery begin," The Economist notes.
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