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Federal Tax Credit Driving Up Home Sales
12/09/09 - 02:49 PM
Associated Press
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click for larger image Tallahassee, Fla:

There’s more evidence that Florida’s housing market is making a comeback.

Home sales are up and the number of listings are down as more people take advantage of the federal government’s homebuyer tax credit.

Those reports match what’s happening nationwide. Home and condo listings are down about 30 percent, while the demand for mortgage loans is rising.

Low interest rates, lower home prices and the federal tax credit are giving the housing market a boost. In Florida, existing home sales soared 45 percent in October compared to the same period last year.

Realtors from around the state huddled with Gov. Charlie Crist at the Capitol today (Wednesday) to give him a report on the housing market.

They were upbeat about increasing sales, but say there are still challenges with financing, foreclosures and short sales.

“Things are getting better in the real estate market and I’m very encouraged by that. It’s hard to sit here and listen to these wonderful people tell you about what’s happening in their part of the state and not see signs of encouragement. Obviously I believe the economy has stabilized,” Gov. Charlie Crist said.

“We’re happy that sales are up. We’re happy that a lot of buyers are getting some very good deals on homes that they may not have been able to afford in the past. Nice family homes, 3 bedroom, 2-bath homes that are very affordable. Four bedroom, 2-bath homes that are very affordable,” Realtor Nancy Cardone said.

“There have been 14 months, 14 months, of continued increase in home sales, single-family home sales throughout the state. Now that is to me a trend,” Cynthia Shelton of the Florida Association of Realtors said.

Realtor Nancy Cardone says housing inventory in Palm Beach County has dropped from about 26 months of supply to 15 months, so that area is making headway in reducing the number of homes on the market.

She says about 40 percent of the available homes are short sales or foreclosures and buying one of those properties is more difficult and takes a lot longer. But Cardone says buyers are finding some real bargains.

Florida Association of Realtors President Cynthia Shelton reports Florida has seen 14 months of higher home sales.

User Comments

Many are taking the opportunity to buy these houses by this homebuyers tax credit just like shoppers taking the opportunity of discounts in ]http://personalmoneystore.com/moneyblog/2009/12/07/cybersanta-save-christmas/] Retail [/url] these Holiday season. Because of this bill people can save in buying a house. There is no wonder why that this home sales are increasing.

Posted by .(JavaScript must be enabled to view this email address)  on  12/10  at  05:36 AM

Many are taking the opportunity to buy these houses by this homebuyers tax credit just like shoppers taking the opportunity of discounts in Retail these Holiday season. Because of this bill people can save in buying a house. There is no wonder why that this home sales are increasing.

Posted by .(JavaScript must be enabled to view this email address)  on  12/10  at  05:35 AM
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