Good News! New home sales were up 14.8% in April, and 50% higher from April the previous year. New jobs are being created, which is also expected to raise demand for housing.
Some economists remain a bit skeptical, citing the high volume of homes currently on the market as a hindrance to recovery. However, the House recently passed an extension in the federal homebuyer's tax credit, which could stimulate demand if it is passed by the Senate. Interest rates are still at record-low rates, which is another great incentive to buy real estate.
We have been seeing a higher level of activity this month, with plenty of settlements and new listings to keep us busy. However, we love to hear good news about the housing market, and look forward to an economic recovery!
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