Pending Homes Sales Rising
Pending home sales rose 3.2 percent from June to July, with a surge in sales in the Western U.S. outweighing declines in the Northeast and Midwest, the National Association of Realtors said today.
It was the sixth consecutive monthly increase in pending home sales, a trend that NAR Chief Economist Lawyrence Yun expects to continue before falling off in the first quarter of 2010 if a tax credit for first-time homebuyers is allowed to expire Nov. 30.
Every week the Bellingham Herald comes out with a listing of all property sales in our area. There were two weeks in July where 80% of the sales were under $300,000 which indicates that a lot of these buyers were probably first time home buyers. I'm hoping that they continue to offer the $8000 tax credit into next year since I suspect this is fueling the number of first time home buyers that are getting into the market.
Thanks for reading,
George Geer
www.georgegeer.com
It was the sixth consecutive monthly increase in pending home sales, a trend that NAR Chief Economist Lawyrence Yun expects to continue before falling off in the first quarter of 2010 if a tax credit for first-time homebuyers is allowed to expire Nov. 30.
Every week the Bellingham Herald comes out with a listing of all property sales in our area. There were two weeks in July where 80% of the sales were under $300,000 which indicates that a lot of these buyers were probably first time home buyers. I'm hoping that they continue to offer the $8000 tax credit into next year since I suspect this is fueling the number of first time home buyers that are getting into the market.
Thanks for reading,
George Geer
www.georgegeer.com
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