Report: Existing home sales rise to record level in Sept. 2009
It’s mad dash to the finish line as the $8,000 tax credit for first time homebuyers expires in about six weeks on Nov. 30, 2009. The National Association of Realtors today released a report that reveals existing home sales were up nationwide nearly 24 percent in September (compared to Jan. 2009). It’s the largest increase in [...]
It’s mad dash to the finish line as the $8,000 tax credit for first time homebuyers expires in about six weeks on Nov. 30, 2009.
The National Association of Realtors today released a report that reveals existing home sales were up nationwide nearly 24 percent in September (compared to Jan. 2009). It’s the largest increase in more than 26 years, according to the Associated Press.
The primary reason for the surge?
First-time buyers are scrambling to take advantage of the limited time government incentive, which was introduced earlier this year to spark the flagging housing market.
Lawrence Yun, NAR chief economist, had this to say regarding the good news:
“Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home. We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery.”
Currently, there is no telling if the tax credit will be extended. However, there are several key Senate lawmakers who are lobbying hard to keep it alive and well into 2010.
We’ll keep you posted.
In the meantime, feel free to search Foreclosure.com for the best real estate deals in your area before someone else beats you to it.
