First time home buyers have been responsible for over 40% of homes sold in the past year. Home sales are up 9.2% overall in September 2009 compared to September 2008, which experts attribute to the first-time buyer tax credit that is in effect on all homes closed between now and the end of November, according to CNN Money.
“To help boost home prices and sales, lawmakers are considering extending the tax credit and expanding it to all but the wealthiest homebuyers.
While keeping the credit would help lift housing prices, senior economist at PNC Robert Dye says it would only be a temporary effect until the program stopped, as was seen with Cash for Clunkers.
In the Midwest, sales were up by 9.6% to a pace of 1.25 million, which was 7.8% higher year-over year.”
Click here for the full CNN Money article.
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