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Tax Credit Helps Real Estate Market

August 28, 2009

Just as Cash for Clunkers helped pull automakers off the recession’s rock bottom, a tax credit of up to $8,000 for first-time homebuyers is kick-starting the housing market.
Sales are up — existing-home sales in July rose 7.2%, the largest month-to-month increase since 1999 — and prices seem to be stabilizing. The S&P/Case-Shiller U.S. National Home Price Index of 20 cities, released today, showed its first quarterly increase in three years, and the Federal Housing Finance Agency’s quarterly report, also released today, found purchase prices in 300 cities down less than 1% from the first quarter.
Housing experts credit three things: the $8,000 incentive, ultralow interest rates and a drop in home prices — in some cases by as much as 50%. On the lower end of the market, that’s meant multiple offers, even bidding wars, in some places.
Read the entire article at http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/HomePriceReport.aspx

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