photo credit: TruShu

The response to the tax credit combined with historically low interest rates have allowed existing homes to continue to sell at a steady pace, according to the National Association of Realtors®. Declines in sales in the Northeast and Midwest have offset gains in the West and South.

"We are witnessing the ongoing effects of the home buyer tax credit, which well also see in June real estate closings," states Lawrence Yun, NAR Chief Economist, "However, approximately 180,000 home buyers who signed a contract in good faith to receive the tax credit may not be able to finalize by the end of June due to delays in the mortgage process, particularly for short sales," he continued.

In an effort to keep people buying and make closing deadlines, NAR, campaigning for homeownership, is in support of s Senate amendment to extend the home buyer tax credit through September 30 for existing contracts.

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Posted in Headlines, Mortgage, Denver Colorado Real Estate, CAR, Real Estate Industry

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