Real Estate sales were up considerably in July

 

Positive signs for real estate have surfaced yet again, indicating a troubled market that appears to be stabilizing.  July housing statistics are in and have exceeded economists’ forecasts with sales up over 9%.  While the number of sales are down considerably from the peak of 2005, they are up quite a bit from January.

 

The upswing of Real estate sales is largely attributed to the first time homebuyer tax credit which covers 10% of the value of the home up to $8,000. The current tax credit is only good until December 1st and there is a big push to extend the credit. Home builders in particular want to see the credit extended because any projects that are started today cannot be guaranteed finished by the tax credit cut-off date.

 

 

For more information on July’s sales and the current state of the National real estate market visit Yahoo Real Estate.