Several months ago, we told our clients we thought we were entering a "W"-shaped recovery, with the "first leg up" in the W driven by four things: tremendous affordability for those who are currently paying rent;the $8,000 federal tax credit, which is currently set to expire on Nov. 30, 2009;government-backed FHA, USDA, Freddie Mac and Fannie Mae lending programs that offer far more aggressive loans than a bank would make; and positive media reports about rising median home prices, which are primarily driven by a location mix shift away from the poorer areas of town, but also driven by price stability at the lower end of the market. Since then, sales volumes and pricing have stabilized in many areas. Our monthly survey covering about 2,000 new home communi...
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