Tax credit's last hurrah? 

The federal homebuyer tax credit helped boost existing-home sales again in April, but total housing inventory swelled as homes came on the market faster than they were sold, the National Association of Realtors said today.

With the homebuyer tax credit gone -- buyers had to be under contract by April 30 to claim it -- NAR Chief Economist Lawrence Yun acknowledged that "no doubt there will be some temporary fallback" in coming months.

But Yun said other factors continue to support housing markets -- including mortgage rates that remain near historic lows, and an improving economy and buyer confidence -- and that "the housing price correction appears essentially over."

more...

To view this premium content sign in to your Premium Member account.

Premium Members have full access to all news archives & premium content.

Purchase Professional Membership for $199/year OR
Premium+ Membership for $149/year OR
News Membership for $69/year

Buy Now

Advertise with Inman

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.