CNNMoney.com: 50% of Home Buyers are First-Time Buyers

Propelled by the first-time homebuyers tax credit, nearly half of home sales are now being made by first-time purchasers, according to an industry report released Friday.

In fact, 47% of all Americans who purchased homes this year had not owned one during the previous three years, according to a press release Friday from the National Association of Realtors (NAR). That was up from 41% of sales in 2008 and 36% in 2006.

The tax credit boosted markets by giving first-time buyers a credit of up to $8,000 they could deduct from their income taxes. The credit is fully refundable: Even a buyer who pays less than $8,000 in income tax gets the full amount of the credit back.

The credit was recently extended through the middle of 2010 and expanded to include many existing homeowners. That has the industry buzzing.

"The credit is working better than first projected -- it now looks like we'll have 2.3 to 2.4 million first-time buyers this year," said Lawrence Yun, chief economist for NAR. "With expansion of the tax credit to additional buyers through the middle of next year, and no major unforeseen events impacting the economy, home prices should rise between 3% and 5% in 2010."

Click here for the full story.

What is the $6,500 Federal Tax Credit for Move-Up Buyers?

The new $6,500 federal tax credit for “move-up” home buyers may benefit home buyers in San Diego, CA.

The federal government recently extended and expanded the federal tax credit for home buyers. The tax credit now concludes June 30, 2010 instead of Nov. 30, 2009, and also includes existing homeowners who meet certain qualifications.

Here's what you need to know, in a nutshell:
-Current homeowners are eligible for a $6,500 federal tax credit if they have lived in their current home for a consecutive five out of the last eight years, and the adjusted household income does not exceed $125,000 for single files or $225,000 for join filers.
-The expanded tax credit went into effect Nov. 6, the day President Obama signed the bill. Homes that close escrow between Nov. 6, 2009 and June 30, 2010 are eligible to apply for the tax credit.
-The legislation does not require homeowners to sell their current residence; however, the new home must be the primary residence and the price of the home must not exceed the limit of $800,000. Homeowners who plan to retain their current home as a rental or second home are advised to move into the new home the day escrow closes so there is no question it was the principal residence at the time of the tax credit.
-Almost all housing types are eligible, including new and existing single-family homes, condominiums, manufactured or mobile homes, and boats that serve as the owner’s principal residence. Second homes and investment properties are not eligible.
-Home buyers in 2009—those who close after Nov. 6, but no later than Dec. 31, can claim the $6,500 credit on their 2009 federal tax returns, or amend their 2008 returns. Similarly, eligible buyers in 2010 will be able to file for the credit on their 2009 returns or 2010 returns. All home buyers should talk to a tax advisor regarding timing decisions.

To read the full story from the L.A. times, please click here.

Wall Street Journal: One in Four Borrowers is Under Water

Although recent indicators that the housing market is improving, a new report shows that one in four mortgage borrowers are underwater, meaning they owe more on their mortgage than their home currently is worth. According to First American CoreLogic, nearly 10.7 million households had negative equity in their homes in the third quarter, accounting for about 23 percent of all U.S. homeowners. Most homeowners, however, still have equity, and nearly 24 million owner-occupied homes do not have a mortgage, according to the U.S. Census Bureau.

A study by credit-scoring company Experian shows that approximately 588,000 borrowers strategically defaulted on their mortgages last year, even though they could afford to pay—more than double the number in 2007. Homeowners with negative equity are more likely to strategically default if they live in a state where the bank cannot pursue their assets in court, according to a study by the Federal Reserve Bank of Richmond. California is an example of a state with anti-deficiency laws protecting homeowners from personal liability under certain circumstances.

“Borrowers who are less than 20 percent underwater are likely to maintain their mortgage if their loan is modified and the payments reduced," said an official with Citigroup’s mortgage unit. “Beyond 120 percent, the most effective modification is a complete loan restructuring, including a principal reduction.”

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Coronado Cays Waterfront Foreclosure!

Check out this SHORT SALE in the CORONADO CAYS...currently listed for $1,400,000. Compare to similar properties listed for $2-3 million!

DRASTIC PRICE REDUCTION $600,000 OFF ORIGINAL PRICE MUST SELL IMMEDIATELY!This is a short sale. Sale subject to seller and lender approval of offer. One loan. Fantastic waterfront home in desirable Coronado Cays. Large dock in your back yard can accomodate two 50 ft. yachts. Even if you don't own two yachts you will enjoy the gorgeous views from your living room, master bedroom and private patio. Hardwood floors, custom cabinetry, granite countertops,this house has it all! 4 bedrooms, 3 baths. More than 2,200 square feet.

Contact Christinevt@prusd.com for more info.

15 Year Rate Hits Record Low

The average rate for 15-year mortgages reached a new bottom this week, dipping from 4.40 percent to 4.32 percent—the lowest level since Freddie Mac began tracking rates in 1991.

Rates for 30-year mortgages approached the all-time low of 4.78 percent again last week, falling to 4.83 percent from an average of 4.91 percent a week ago.

Wellesley College economist Karl Case says the Federal Reserve's efforts to purchase mortgage-backed securities from Fannie Mae and Freddie Mac is lowering rates on home loans.

Source: Boston Herald, Thomas Grillo (11/20/09)

Deliquent Mortgages Reach All-Time High

Almost 10 percent of all mortgages on one- to four-unit properties are in some stage of foreclosure, up from 2.65 percent a year ago on a seasonally adjusted basis, according to the Mortgage Bankers Association’s National Delinquency Survey released this week.

The combined percentage of loans in foreclosure or at least one payment past due was 14.41 percent on a non-seasonally adjusted basis, the highest ever recorded in an MBA delinquency survey.

The bankers blamed the high foreclosure levels on unemployment.

“Over the last year, we have seen the ranks of the unemployed increase by about 5.5 million people, increasing the number of seriously delinquent loans by almost 2 million loans and increasing the rate of new foreclosures from 1.07 percent to 1.42 percent,” says Jay Brinkmann, MBA’s chief economist.

Brinkmann points out that prime fixed-rate loans represent the largest share of foreclosures and are the biggest driver of the increase in foreclosures.Home builders and housing analysts mostly shrugged at the high foreclosure-rate information.“

My prediction is we’ll probably recover on a seasonal basis,” Robert Toll, chairman and CEO of Toll Brothers, the largest builder of luxury houses, said yesterday at a conference in New York sponsored by Citigroup Inc. “It’s generally accepted that the homebuilding industry is off the mat and on the road to recovery.”

Josh Levin, a housing analyst at Citigroup Global Markets Inc. in New York, said he expects sales to continue to be slow until January or early February, followed by a surge as buyers try to beat the April 30 expiration of the tax credit.

“The bouncing along the bottom is distorted by government policies,” he said in an interview with Bloomberg News yesterday.

Source: Mortgage Bankers Association (11/19/2009) and Bloomberg, Kathleen M. Howley and John Gittelsohn (11/20/2009)

What Happens when I stop Paying My Mortgage?

Some homeowners underwater on their houses—who owe more on their mortgages than their homes are worth—wonder what would happen if they were to stop paying their mortgages.

When lenders do not receive payments, the first action taken by the lender is to report the missed payment to the credit bureaus by the first day of the next month. Sometimes this can happen in as little as two weeks from the due date, depending on when the payment is due. Generally, this action will leave a negative mark on a credit report and decrease the homeowner’s credit score by as much as 200 points.

Because of the negative mark on the homeowner’s credit report, within the next 30 days, homeowners can expect their other creditors to take note of the late payment and to take action. Credit card issuers may raise interest rates, lower credit limits, or close credit card accounts. The borrower’s auto insurance, student loans, and other forms of credit also may change, as these are tied to the borrower’s credit score as well.

If the homeowner does not pay for 90 days, the lender likely will start calling, trying to persuade the homeowner to enter into a loan modification. If a loan modification cannot be agreed upon between the homeowner and the lender, and the homeowner continue missing payments, the homeowner likely will be served with a foreclosure notice. After the foreclosure notice is received, the lender asks a court to issue a judgment against the homeowner, and a county sale is arranged.

Homeowners at risk of defaulting on their mortgages, or those who already are behind, should contact their lender immediately to work out a repayment plan and/or loan modification.

Click here for more.

Top Tips to Score a Great Foreclosure Deal

Foreclosures can be good deals for homebuyers, but with 1.5 million of them on the market, shopping carefully is important. Here are some tips for anyone navigating the foreclosure market:

Don’t pay too much. With so many exuberant buyers, bidding up a property beyond its worth can be easy to do.
Get to know the banks. Practitioners who establish relationships with asset managers at banks can facilitate good communication.
Factor in fix-up costs. Most banks would rather sell a property as-is. Buyers should consider what shouldering that responsibility will cost. Touring the properties with a contractor can be a good plan.
Bid smartly. Help the buyer get the inside track by gathering as much information as you can about other bids.

Source: CNNMoney.com, Les Christie (11/19/2009)

More Buyers want to Buy Investment Properties

A new survey found that 12.1 percent (one out of eight) of today’s home buyers plan to purchase a home as an investment property, compared with 5.6 percent in March 2009, according to the Move.com Homeownership Survey. Of those interested in buying a home as an investment, 15.8 percent were men and 8.1 percent were women.

The survey also found that buyers who plan to purchase foreclosures expect to profit both from deeply discounted purchase prices, as well as healthy appreciation rates over the next five years. Most foreclosure buyers (58.2 percent) expect to pay 20 percent or less than market price for a foreclosure, while 38.5 percent expect a discount of 25 percent or greater. While, 73 percent expect their properties to appreciate ten percent or more in five years, 28 percent expect their purchases to appreciate 20 percent or more during that same investment horizon.

Click here for more.

California Home Affordability Up to 64%!

The percentage of households that could afford to buy an entry-level home in California stood at 64 percent in the third quarter of 2009, compared with 55 percent for the same period a year ago, according to a report released last week by C.A.R. The Index is the most fundamental measure of housing well-being for first-time buyers in the state.

The minimum household income needed to purchase an entry-level home at $247,150 in California in the third quarter of 2009 was $43,500, based on an adjustable interest rate of 4.79 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $1,450 for the third quarter of 2009.

At 85 percent, the High Desert region was the most affordable area in the state. The San Luis Obispo County region was the least affordable in the state at 47 percent, followed by the San Francisco Bay region at 49 percent.

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Fed to Leave Key Rate Unchanged

The Federal Reserve last week announced it will maintain its target for the federal funds rate in the 0 percent to 0.25 percent range, and expects economic conditions to warrant exceptionally low levels of the federal funds rate for an extended period of time.

“Information . . . suggests that economic activity has continued to pick up,” the Fed said in a prepared statement.

“Conditions in financial markets were roughly unchanged and activity in the housing sector has increased over recent months. Household spending appears to be expanding, but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit. Businesses are still cutting back on fixed investment and staffing, though at a slower pace; they continue to make progress in bringing inventory stocks into better alignment with sales,” the Fed said.

To provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve also said it will purchase a total of $1.25 trillion of agency mortgage-backed securities and nearly $175 billion of agency debt, and will gradually slow the pace of these purchases in order to promote a smooth transition in markets.

Click here for more info.

Does the New Tax Credit Extension Apply to Me?

Here it is: in a nutshell, the new rules of the tax credit!

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline.

First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

Still confused? Check out this handy chart from the National Association of Realtors. NAR's Government Affairs Division has compiled facts on the changes made to the current tax credit.

Obama Signs Extended Tax Credit into Law!

Great news for San Diego home buyers! Expected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010.

The legislation, which is part of a larger bill that also extends unemployment benefits, was signed into law by President Obama today.

More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.

NAR's Government Affairs Division has compiled facts on the changes made to the current tax credit.

Sources: NAR and The Associated Press, Julie Hirschfeld Davis (11/06/2009)

Just Listed: Bank-Owned Foreclosure on Coronado

Holy moly! This bank-owned foreclosure sold for $1,700,000 in 2007. It's now listed at $990,000!

A 3 bedroom, 4 bath detached home just two blocks from the beach. Check out the ocean views! Over 2400 square feet. Rooftop patio with fireplace and views of the waves. 2 car garage. Just 2 blocks to the Village dining, shops, etc.

This home lives like a detached home (no shared walls) but is technically a cloud condo (no HOA fees.)

This property won't last. Contact me anytime at christinevt@prusd.com or 858.405.7264 to view this home, or for more info and pictures.

Top Tips to Improve Your Credit Score Now!

"Although interest rates are at historic lows, you need to have excellent credit to secure the best possible rate,” said Christine Van Tuyl, real estate agent with Prudential California Realty in Coronado. “Whether you’re looking to boost an already good score, or if you have a foreclosure or short sale on your record, it’s never a bad time to improve your credit score."

Top Tips to Improve your Credit Now
1. Review your current credit report for accuracy. Everyone is entitled to one free credit report per year from each of the three credit bureaus—Experian, Equifax, and TransUnion.) Get a copy of your credit report and look at it for accuracy. First, make sure that the information in your file is about you and only you, not someone who has a similar name or a similar Social Security number. It is very common for your credit reports to have mistakes or incorrect information. At a minimum, make sure that the information that you are being evaluated on is current and correct.
2. Repair credit report mistakes. If you find something on your credit report that is incorrect or missing, you should dispute the mistake by contacting the credit bureaus directly. All credit bureaus have their dispute procedures on their website. They are also required by law to investigate any disputed items and these investigations and will usually do so within 30 days of your request.
3. Pay your bills on time. Sounds like a no-brainer, right? Payment history accounts for roughly 35% of your credit score. Paying bills on time is the most important thing to do. If you’re struggling to catch up, contact your creditors to work out a payment schedule.
4. Increase the length of your credit history. This accounts for about 15% of your score. Don’t cancel your old card or get a lot of new ones in a short time span because this can hurt your score.
5. Keep credit card balances low. It’s a good idea to keep the balances below 25% of your available credit. Even if you pay off your credit cards every month, a high average balance will impact your score. This accounts for about 30% of your credit score.
6. Keep new credit requests to a minimum. This accounts for 10% of your score. Every time a lender runs your credit, an inquiry is recorded. If you are trying to get a loan, don’t apply for new credit cards first.
7. Be aware that paying off a collection account will not remove it from your credit report.It will stay on your report for seven years.
8. Pay off debt rather than moving it around.The most effective way to improve your credit score in this area is by paying down your revolving credit. In fact, owing the same amount but having fewer open accounts may lower your score.
9. Beware credit-repair scams. By all means, don't pay someone to wipe away the negative items in your file. If they don't follow through, the damaging items will reappear in two or three months.

Please keep in mind that Christine Van Tuyl and Margaret La Grange are real estate agents, not mortgage lenders. For more information on how your credit score will impact your loan and interest rate, please contact your mortgage lender.

About Christine Van Tuyl and Margaret La Grange
Christine Van Tuyl and Margaret La Grange are award-winning agents with Prudential California Realty in the Coronado Village office, in the top 7% of Prudential Agents nationwide. A mother-daughter team with San Diego family roots going back 75 years, Christine and Margaret pride themselves on delivering impeccable service for home buyers and sellers alike. Visit www.sandiegosurfandsand.com to learn more and to search properties for free online. They also offer a blog with the latest local real estate news at http://realestatesd.blogspot.com.

Coronado Best Buys List, November 2, 2009

Greetings!

19 properties are currently in escrow in Coronado right now. 7 of them are have made our Best Buy List. They include:
835 D #2, condo, 3/3, $688,000.
807 8th Street, condo, 3/3, $699,000.
16 Montego, condo, 2/3, $739,000.
5 Half Moon, house, 3/3, $799,000.
522 Fifth Street, house, 2/1, $849,000.
24 the Point, house, 3/3, $1,495,000
225 G Avenue, house, 4/5 , $1,699,000-$1,795,000.

19 homes also closed escrow the last month. The average sales price was $1,394,000 (an average of $781 per square foot) and the average days on market was just over 3 months. Not bad!

Here are is our complete BEST BUY LIST. Don’t let these great deals pass you buy…sign up for our ASAP property emails, and you’ll find out the second something comes on the market—just as soon (if not sooner) then other agents!

BEST BUY LIST FOR NOVEMBER 2, 2009.

$465,000 730 E Condo, 2/2, PRICE DROP! a charming condo with nice upgrades.

$774,800—23 Delaport, house, 3/3. FORECLOSURE! Don't miss this terrific opportunity to own a Coronado Cays, BANK-OWNED, detached town home in 'Mardi Gras' at a below market price! Just fell out of escrow, will go fast, don’t hesitate! Most recently listed pre-foreclosure at $999,999! Great end-unit locale with terrific ocean views across the highway from the second level, updated kitchen with travertine floors, a warming living room fireplace and an expansive master suite with bay nook and private terrace taking in the ocean views-this is just the start! More than 1800 square feet.

$797,000—14 Antigua Court, Condo, 2/2. The Coronado Cays welcome you to the prestigious Antigua Community! This upper view unit provides the most desirable eastern views with a large patio over the Bay (great for entertaining) along with your personal boat slip! Relax in the inviting cozy living room with fireplace. The kitchen opens to the dining area facing the water view. Mirrored wall provides beautiful bay reflections & lots of light. Private master suite with large full bath and generous closet space.

$799,000-$839,000—407 E Ave, house, 3/3. PRICE DROP! This property is a masterpiece. Every detail has been meticulously thought out to best maximize the size, utility and value of this home. The attic is fully finished. You must see this property to truly appreciate all of the features. It is wired for alarm, intercom, internet, cable, central vacuum. The high end tile & granite is simply beautiful. It has its own private grass courtyard like area in front of unit and a good size patio/deck of both the front and rear of the unit.

$798,000-$898,000--1405 First Street, condo, 3/3. SHORT SALE! Bay views and highly desirable location just steps away from world famous Coronado shops, restaurants, fishing pier and more. Incredible value for this highly upgraded town home including granite kitchen, Brazilian hardwood floors throughout, marble bath rooms, community pool and more. Please see supplement and property website for more about this amazing value.

$899,000—247 D Ave, house, 3/ 4. Highly Upgraded Unit Built by Owner for Owner. Custom Entertainment Built-in and Additional Built-ins at Fireplace. Hardwood Floors in All Rooms. No Carpet. Beautiful Decorator Tiles in Kitchen and Bathrooms. Much Thought put into Window Placement to Maximize the City Views. No Other Two-Stories on Either Side. Lots of Light. Gorgeous City Views from Rooftop Deck.

$1,150,000--611 Fifth Avenue, house, 3/3. Step back into simpler days in this adorably and well appointed quaint Coronado Cottage by the sea. Nestled comfortably on a reverse corner 50'x70' lot leaves you with great options for improvement. Currently setup as a 3 bedroom, 1.5 bathroom 'beach house' but could easily be improved upon. Current owners remodeled property including appliances, bathrooms, paint, beautifully finished hardwood flooring and more. Enjoy a short bicycle ride to our Top 10 rated Coronado Beach! Coronado Living....begins here!

$1,445,000—165 I Ave, house, 3/3. Historic Albert Galucci residence. Spanish Revival. 3bdrm, 2.5 ba, 1,423sqft, 3,484sqft lot.Rich stylistic details include hand painted tiles, vintage iron railings, open beams, arched passageways, iron lighting fixtures. Upgrades include Kashmir gold granite counter tops, red oak floors, chestnut stained cabinets. Plantation shutters, French doors, dual pane windows, designer appliances and country kitchen sink enhance the living areas. Central air conditioning/heating. Custom patios and landscape.

$1,300,000-1,495,000—120 C Avenue, #207, condo, 2/2. Never been lived in LUXURY CONDO. Beautiful 2 Bedroom 2 Bath end unit with fabulous patio. Hardwood floors, crown molding, Island style finishes, Viking appliances... all on one level. Regatta Bay is a new luxury complex with 16 High End Residential units

$1,450,000—468 B Ave, house, 4/3. PRICE DROP! Great open floorplan with 10ft. ceilings, lots of natural light and hardwood floors. Custom kitchen opens to large family room with french doors to the cute backyard. Terrific family home. Close to Spreckels Park and the heart of the village.

$1,575,000—420 J, house, 3/3. PRICE DROP! Gorgeous Like New..."Tommy Bahama Style" Interior... Nothing 'ordinary' here! Warm & wonderful home, w/ 3 spacious bedrooms including a beautiful master suite. Plenty of closet space & storage. Warm granites & designer features. Kitchen w/breakfast bar & built in nook. Sound system, Backyard w/fountains, BBQ area + 2 car garage w/ storage & epoxy floors.

We update this list every two weeks based on price, location, square footage, and condition of ALL homes currently on the Coronado MLS. To subscribe to the Coronado Best Buys List and get pictures and additional information, please email christinevt@prusd.com with BEST BUYS in the subject line.

Thanks for reading!
Christine Van Tuyl
Prudential California Realty
Leading Edge Award Winner
101 Orange Avenue
Coronado, CA 92118
858.405.7264mailto:858.405.7264christinevt@prusd.com
Search properties free on our website:
http://www.sandiegosurfandsand.com/
Check out our blog at:
http://realestatesd.blogspot.com/

Google Maps Now Has Real Estate Info

Google has been improving the usability of real estate information in its Google Maps function.

Users can now select the “real estate” option from the “more” button on the top right of any Google Map. They’ll automatically see balloons on the maps of listings, as well as a pop-up real estate refinement panel on the left.

From there, they can refine what they are searching for by checking the boxes for renting or buying, apartment or house, as well as price range, square footage, numbers of bedrooms and bathrooms, and foreclosure listings.

Google is also inviting real estate practitioners to list homes on Google Maps.

Source: eWeek, Clint Boulton (10/30/2009)

Pending Home Sales Continue to Rise

Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of REALTORS®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9.

The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.Lawrence Yun, NAR chief economist, said the momentum is understandable.

“What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” he said. “Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery.”

Watch a video interview of Yun as he talks about these latest pending-home sales trends. NAR estimates approximately 3 million renters are now financially well-qualified to buy a median-priced home.

“As long as buyers do not overstretch and stay well within their budget, a sizable pent-up demand can be tapped among financially qualified potential buyers,” Yun said. “Although the tax credit is greatly reviving the existing home market, new-home sales may continue to struggle as home builders hold back production to drive down inventory. In addition, there remains an ongoing credit crunch for construction loans.”

The Pending Home Sales Index in the Northeast slipped 2.0 percent to 83.6 in September but remains 16.9 percent above September 2008. In the Midwest the index rose 8.1 percent to 98.2 in September and is 17.8 percent higher than a year ago.

In the South, pending home sales increased 4.9 percent to an index of 109.7 and is 22.8 percent above September 2008.

In the West the index jumped 10.2 percent to 143.8 and is 23.7 percent above a year ago.

Yun added that strong near-term reports should not be overstated. “We’re clearly not out of the woods because an excess of homes remains on the market despite recent improvements,” he said.

“Although current inventory is getting closer to price equilibrium, foreclosures will continue to enter the pipeline. An extended and expanded tax credit would help absorb this incoming inventory.”

— NAR