National Association of REALTORS chief Economist Lawrence Yun predicts a sustainable recovery for housing and the overall economy in 2010, thanks in part to the decision to extend and expand the homebuyer tax credit to more buyers.
"Given the success of the first-time buyer tax credit to date, and the need for qualified buyers to continue to absorb inventory that will include additional foreclosures over the coming year, we are hopeful about the impact of the expanded tax credit because it will stabilize home prices," Yun says. "In fact, the credit is working better than the first projected - it now looks like we'll have 2.3 to 2.4 million first time home buyers this year."
The 2009 National Association of REALTORS Profile of Home Buyers and Sellers, released in November, shows first-time buyers accounted for a record 47% share of homes sales over the past year, up 41% in the 2008 survey, The share has risen steadily since a cyclical low of 36% in 2006
Real Estate Business for Managers, Brokers and Owners
January/February 2010 Vol.39
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