Record High US Home SalesTuesday, May 25, 2010 2:28
There are signs that home sales in the US are going up. Partly it was caused by a tax credit scheme, but on the whole, conditions are looking up.
According to the National Association of Realtors, April saw a 7.6% rise in previously-owned homes. Due to the fact that a special tax credit expired in April, many buyers rushed to buy at the eleventh hour.
On the other hand, sales may well go down, according to of the NAR’s chief economist, once the credit tax is over. He said though, that home sales market is leveling off.
Since the tax-credit break was aimed at first-time buyers, there will be a kind of decrease after the expiry date, but there are gradual signs of improvement because of some supporting factors, like buyers’ confidence and improving economic conditions, low interest rates and relatively stable home prices.
Repossessions and sales of distressed homes hit a new high in April.