Housing after the tax credit

Diana Olick reports on housing data from ZipRealty:

We've been reporting a lot of anecdotal information about life after the home buyer tax credit, but now we're starting to get some numbers. A new report from ZipRealty.com shows:

—The number of homes that closed in May are down more than 5% compared to April.

—Newly signed contracts in May dropped more than 10%, a sign of a real estate drought this summer.

—Internet searches on real estate sites are down 20 percent compared to this time in 2009.

And she quotes Zillow on the overall effect of the home buyer tax credit:

"While temporary tax credits succeeded in lifting buyer psychology temporarily, they essentially shifted demand forward without having a lasting impact on prices or purchase behavior. We expect some payback in the form of decreasing sales after the final closing deadline at the end of June."

The Wall Street Journal has more about the after-effects of the tax credit expiration here.