New contract activity in June 2010 was 18.7% lower than that of June 2009.
Despite the stimulated impact of the homebuyers' tax credit earlier in the year, the total contract activity through the first half of the year is actually down almost 6% from the first six months of 2009.
This has occurred despite interest rates being at historically low levels.
Note the drop in contracts has occurred for homes priced less than $750,000 - the upper brackets are fairing pretty well. That hopefully means that when "stimulus shock" wears off, the lower end of the market will improve.
