The 8.2% increase on home sales in February is most likely due to the tax credit ($8,000 - first time homebuyer and $6,500 previous buyer) which expires April 30, even though after spiking in the Fall (original deadline) it has not really spawned the increase they would have like this spring.
Another reason for home sales increases is also due to a huge amount of foreclosures at rock-bottom prices in the marketplace.
What is particularly interesting is that sales contracts in the Northeastern region and Southern region rose 9% in February - which were both plagued with severe winter weather. Makes you wonder what could have been if we had a mild winter huh?
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Thanks for the great real estate blog. this is a very interesting topic
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