Home sales rebound to highest level in 2 years

Home sales rebound to highest level in 2 years

money.cnn.com

Sales of existing homes rebounded sharply in September to their highest level in two years, getting a strong boost from first-time homebuyers, according to a report released Friday.

Sales of previously-owned homes jumped 9.4% in September after falling for the first time in four months in August, said the National Association of Realtors. Year over year, sales of existing homes were up 9.2% in September.

(visit the link for the full news article)

Well there ya have it...

Recover in the process....


We've seen home sales pick up over here....

I know JayInAR is seeing them as well since that is his actual business.


So is this just an anomaly? Or is this really a leading indicator of recovery... not necessarily going back to what the housing market was... but to a much more stable market over all?



money.cnn.com
(visit the link for the full news article)

www.abovetopsecret.com...
tid=513095&page=1#

I will tell you the same thing I told him.............

The problem:

First-time homebuyers and investors are snapping up those homes and taking advantage of low mortgage rates. These buyers can also take advantage of a tax credit of 10 percent of the sales price, up to $8,000, if the sale is completed by the end of November.

The tax credit is so important to some buyers that they are adding a clause to their contracts, allowing them to back out if the sale doesn't close by Nov. 30. However, economists note that bargain-priced foreclosures and low mortgage rates are making a big contribution to the sales boom.

Like cash for clunkers, when the free money dries up, so do the buyers!