Home Resales In West Post 30 Percent Annual Gain

December 22, 2009

in News

Home Resales In West Post 30 Percent Annual Gain

Home sales jumped 30 percent in the Western region of the country in November, driven largely by first-time buyers racing to qualify for a tax credit that was set to expire. In the West, foreclosures and other financially distressed homes in the low price ranges accounted for many deals in California, Arizona and Nevada. That helped pull down the region’s median price by 4 percent to $231,100. Sales in the 13-state region have improved this year, aided by low mortgage interest rates and an $8,000 tax credit for first-time buyers. Congress extended the incentive early last month and expanded it to include $6,500 for existing homeowners who have lived in their current residence for at least five years. [Read this article]

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