Sales of existing
homes in November climbed 7.4% after a 10% surge in October.
Some analysts are
crediting the boost to the tax credit: originally, November was going to be the
last month in which sales to first-time homebuyers would qualify for a federal
tax credit of up to $8,000. However, that deadline was extended and
expanded—now buyers have through June.
Compared to November
2008, sales rose 45.7% from 4.49 million to 6.25 million.
Another factor behind
the sales surge is the record-low interest rates. The average for a 30-year,
fixed-rate loan during the month was just 4.88% compared to 4.95% in October
and 6.09% in November 2008.
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