July 22, 2010
Home Sales Down 5.1% Since May
New data from the National Association of Realtors (NAR) is showing that home sales are down 5.1% since May. Home construction and housing permits are down and mortgage rates are at record lows. What's to blame? Some real estate agents believe that the first-time tax credit given by the government that expired the 1st of May, could have signaled the beginning of the end. Although some buyers are hoping and waiting for another tax credit before buying, the NAR said they are not lobbying for another one.
Chart from Fannie Mae
