The federal homebuyer tax credit that expired on April 30 seemingly had its intended effect, creating a spike in pending sales contracts in the Washington area.
Statistics provided by Real Estate Business Intelligence (RBI), a subsidiary of Metropolitan Regional Information Systems (MRIS), show that pending sales (a reflection of signed contracts that have not yet reached settlement) peaked during the week ending May 1 at 4,614 contracts, compared with 2,617 pending sales for that same week in 2009. The increase of 76.3 percent from one year to the next during that week followed two previous weeks of increases of 41 percent and 31.6 percent over those weeks in 2009.
Click Here: Market 'Balanced' After Tax-credit End...
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