So should we be worried?  We should be worried like we were early in the year when sales were slow.  I was sitting with one of my favorite closing officers at dinner last night and asked her what kind of volume she was seeing.  Jean told me that they have about 30% fewer transactions than they had 30 days ago.  That should come as no surprise as the expiring tax credit required buyers to be under contract by the end of April in order to qualify.  April saw a lot of contracts and May saw a drop.

We're also getting to the time of year when families need to get under contract quickly if they want to want to get moved before school starts.  It is taking 4-6 weeks in general to get financing taken care of and we have around 6-7 weeks before school starts in the Austin area.  That makes for a pretty short window of opportunity for people with kids to buy and get closed.