[T]here is a buying frenzy right now in the existing home market, especially at the low end. Unfortunately existing home sales add little to the economy (compared to new home sales). And the impact is even less than usual right now because many of the marginal buyers are using the first-time homebuyer tax credit as their downpayment, and have little additional money to spend on furniture or upgrades.

"These figures should serve as a sobering reminder that public investments alone are not going to turn around a trillion dollar construction industry," said Stephen E. Sandherr, the association's chief executive officer. "The three most important issues in Washington ought to be jobs, jobs and jobs, which is why we need pro-growth measures like those we outlined in our blueprint for recovery."