Wednesday, November 25, 2009

Hope in the Housing Market?

By Robert Gammon
Wed, Nov 25, 2009 at 11:21 AM

Home sales jumped nationwide in October for the second straight month, raising hopes that the housing crisis might be over. The Associated Press reports that home resales surged 10.1 percent last month, the largest monthly increase in a decade. Nationally, home sales are up 36 percent since they reached bottom in January.

The sales increase may be due to the $8,000 tax credit for first-time homebuyers. However, the median sales price nationwide was just $173,000, down seven percent compared to last year, indicating that the increase in the number of homes sold also may be due to foreclosures. The AP reports that many experts predict that prices may continue to decline as more foreclosures come onto the market. Congress recently extended the homebuyers tax credit to April, and it now includes a $6,500 right off for people who have owned their homes for five years and want to buy a new one.

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