Most media outlets are reporting a drop in existing home sales in May due to the expiration of the first time home buyer tax credit. This story says they increased some. I think the truth is somewhere in between, home sales increased in some areas of the U.S. and decreased in others. The next few months will tell the whole story, but one thing is for certain, it’s a buyer’s market and interest rates are low. Really low. If you’re thinking about buying right now is the best time to do it. Home values have to increase and like the old adage: buy low, sell high. Buy now and in seven to ten years you’ll have quite a bit of equity in your home.
RISMEDIA, June 23, 2010—Existing-home sales remained at elevated levels in May on buyer response to the tax credit, characterized by stabilizing home prices and historically low mortgage interest rates, according to the National Association of Realtors. Gains in the West and South were offset by a decline in the Northeast; the Midwest was steady. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, were at a seasonally adjusted annual rate of 5.66 million units in May, down 2.2% from an upwardly revised surge of 5.79 million units in April. May closings are 19.2% above the 4.75 million-unit level in May 2009; April sales were revised to show an 8.0% monthly gain.
Story continued here: May 2010 Shows a Continued Strong Pace for Existing-Home Sales | RISMedia.
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