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the biggest one-month drop on record. that drop was double what analysts expected. joining me now ron ensana. any hope these numbers can improve? normally summertime is a time when we see people moving and getting relocated before the kids head back to school. this is really discouraging. we have record-low interest rates, mortgage rates and the housing affordability at its highest since the early 19 60s. the problem is not the cost of credit, it s the availability of credit and homes have plunged because lenders have tightened standards at the behest of the fdic and the federal housing administration and we have also seen some things happen that are disturbing. the expiration of that home buyer tax credit was the tipping point at which these home sales have fallen off a cliff in the last couple months. so, that was helpful for stimulating the sales. so what can be done now? do we have to see that again? to put it in a rather, in the vernacular, it couldn t hurt. ....
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