Tuesday, December 22, 2009
Latest Surge in Existing Home Sales Spurs Optimism for 2010
November's better than expected housing data is reinforcing last summer's market turnaround. As existing home sales for November rose to their highest level since February 2007, industry watchers are anticipating a buying spree in 2010. Stocks rallied with new signs of a stabilizing housing market.
The momentum is expected to continue into 2010 since the $8,000 tax credit was extended and expanded with $6,500 tax break for repeat home buyers that expires on April 30.
Current sales remain at the highest level since February 2007 when they hit 6.55 million, according to the National Association of Realtors®