Source: BusinessWeek (Original Article)
By ALAN ZIBEL
Home resales are expected to have risen to their highest level in nearly three years in November, as an extraordinary level of federal support has pulled the housing market back from the worst downturn since the Great Depression.
Economists project home sales rose 2.5 percent to a seasonally adjusted annual rate of 6.25 million, up from 6.1 million in October, according to Thomson Reuters. If accurate, it would be the third-straight increase and the best month for home sales since February 2007.
The National Association of Realtors’ report is scheduled for release Monday at 10 a.m. EST.
"Things are stabilizing," said Pete Flint, chief executive of real estate Web site Trulia.com. "There is a significant amount of buyer interest out there."
One encouraging sign, at least for sellers, is that prices are stabilizing and rising in some areas. About one in five sellers who listed their homes at the start of December cut their prices at least once, down from about one in four during most of the year.
Buyers last month were racing to finish their sales before the original expiration date of a tax credit. It was originally scheduled to expire on Nov. 30, but Congress decided last month to renew and expand it.
In addition to a credit of up to $8,000 for first-time buyers, homeowners who have lived in their current properties for at least five years can now claim a tax credit of up to $6,500 if they relocate. To qualify, buyers must sign a purchase agreement by April 30.
But now that the deadline pressure has lifted, many analysts expect sales to drop during the winter months and recover in the spring.
"Buyers have no sense of urgency now," said Gary DeRosa, an agent with ZipRealty Inc. in Seattle.
And many experts caution that the pain for the housing market isn’t over. A record 14 percent of homeowners with a cheap domstic flights from Brisbane to Devonport mortgage are either behind on their payments …continue reading