Your editor just discovered that he has been giving out bad information about the home suckers’ tax credit for the past several months. The credit expires as of April 30 for CONTRACTS signed by that date, not for settlements by that date as I had been reporting. That means that the propping effects will continue right through April, rather than ending now. It doesn’t change the analysis or the conclusion, just the timing. The stimulus effects will persist about 4 weeks longer than I had anticipated.
I regret the error!