Karen Arbutine & Associates

Home buyers rush to sign contracts for federal tax credit deadline

Thu, May 06, 2010 at 3:37PM

The tax credits for first time home buyers and repeat buyers have helped boost sales during the past couple of months.  Pending sales jumped 8 percent in February and were up 17 percent compared with February 2009, said the National Association of Realtors.

  The tax credit helped boost sales, particularly during the past two months but with market will remain strong when the tax break expires April 30th.  May, June, and July are typically are strong months for home sales.  Plus interest rates remain low.  However, interest rates could increase by half of a percentage point by the end of the year, due to a growing economy and rising federal budget deficits.  Even with this increase, interest rates still would be low compared with most other years. 

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