"Mann International"- Tax Credit Fuels Home Sales Surge...

Online, April 28, 2010 (Newswire.com) - The surge in the sales of homes in the United States is destined to go down as a "flash in the pan" once the government's tax credit incentive to first-time buyers expires at the end of next week analysts at "Mann International" have suggested following news of a 27% increase in sales of new homes in the month of March.

The analysts say that the sharp rise is almost entirely based on the rush to qualify for the $8,000 tax credit the government offers to first-time buyers who complete their transactions by June 30th .

"Mann International" sources argue that hopes the market can continue its rebound are futile because the economy shows no real signs of being able to create the number of jobs that could sustain it and investors needed to appreciate how the tax credit incentive skewed the figures. http://www.marketoracle.co.uk/Article18742.html

The firm did say, however, that the figures would add more froth to equity prices given the importance of housing to the overall economy including banks and retail consumption but added that this would unquestionably be a short-term phenomenon.

"Mann International" has contended that the US housing market is set for a double-dip in the coming months.