Exciting news is just in from the National Association of Realtors!
A combination of factors, including record
low mortgage interest rates and the first-time buyer tax credit boosted sales for the third consecutive month!
The Pending Home Sales Index nationally rose 6.7% to 90.3 from a reading of 84.6 in March, and is 3.2% above April 2008 when it was 87.5.
Locally, the news is just as exciting, here in the
Midwest the index rose 9.8% to 90.4 and is 11.1% above April 2008.
According to Lawrence Yun - NAR Cheif Economist had this to say: “
Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market...[as] buyers must finalize their purchase by November 30th"
Video Courtesy of the National Association of Realtors
With
new rulings allowing First Time Homebuyers to utilize the tax credit as a downpayment before receiving their check from the IRS it is expected that the upward trend of further purchases will continue. However there are a few snags along the route, mainly that processing time for loans has increased due to a higher level of loan documentation being required by lenders and banks taking a long time agreeing details on
short sales. Buyers who hang tight and are cautious will end up with the best deals.
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