Existing Home Sales Up 3%!

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Real Estate Agent with @ Properties
Existing Home Sales Up 3% Good news for real estate markets across the country as the National Association of REALTORS (NAR) reported a 3.1 percent increase in the rate of existing home sales through the month of July. NAR's revised home sales forecast now stands at 5.0 million units for 2008, up from the 4.84 million units estimated in June. Provisions in the recently passed housing stimulus package have created additional opportunity for buyers. NAR president Richard F. Gaylord explains, “Buyers who’ve been on the sidelines should take a closer look at what’s available to them now in terms of financing and incentives." Average (Mean) Sales Price of Existing Homes by Region Date U.S. Northeast Midwest South West 2006 268,200 299,700 205,300 230,000 371,300 2007 266,000 307,100 200,500 225,600 365,900 03/08 247,100 310,800 183,200 209,600 325,200 04/08 247,200 294,400 188,500 212,900 327,000 05/08 252,600 309,100 190,700 219,000 326,700 06/08 257,900 298,700 201,900 230,500 328,500 07/08 254,000 307,300 202,800 223,900 314,800 Statistics from the National Association of REALTORS® Overall mortgage interest rates remain at their historic lows, currently hovering in the low-to-mid 6 percent range for a 30 year fixed rate loan. The combination of low interest rates and higher housing inventories makes this one of the best buyer markets in recent history. First Time Homebuyer Tax Credit Up to $7500! The recently passed Housing and Economic Recovery Act of 2008 has created a tax credit helping first time homebuyers. The tax credit is applied to a qualified purchase of a primary residence from April 9, 2008 through June 30, 2009. The amount of the credit is 10 percent of the home's purchase price, and is not to exceed a maximum of $7500. The tax credit is to be paid back within 15 years, effectively making this an interest-free loan from the US government. Be sure to contact us for more details on this helpful program! @ Properties, 1586 N. Clybourn, Chicago, IL, 60614 Office: 312.334.8357, http://www.PropertyEngle.com @ Properties 1586 N. Clybourn Chicago, IL 60614 Privacy Policy | Terms of Service | Contact Information | Site Map

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