Monday, November 9, 2009

November - This Month In Real Estate

So, the tax credit has been extended, but what does this mean for our national market?

Well, we can tell you that existing home sales bouned back in September. The increase can be attributed to a rush of first-time buyers trying to claim the tax credit before November 30th. In all, sales jumped 9.4% to 5.57 million units over August sales of 5.09 million units. We're about 9.2% ahead of where we were last year, and sales activity is at its highest level since July of 2007.

According to Freddie Mac, fixed-rate loans are still hovering at about 5% APR. With excellent rates like these, and an extended first-time homebuyer incentive, we can look forward to watching home sales increase in the coming months.

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