Hamilton Mill Dacula Ga – Press Release –
Home sales in August increased 7.6% after plummeting in July, but activity is still low and could fall even further, taking prices with it. Most blame the expiration of the homebuyer tax credit for pulling sales that otherwise would have occurred through the end of 2010 forward, but Sam Khater, senior economist at the analytics firm CoreLogic, told HousingWire even more obstacles could keep buyers out of the market. “The home sales market remains very weak coming into October,” Khater said. “In the short term, this reflects the homebuyer tax credit which shifted demand forward and whose impact will be felt for a few more months.
Over the longer-term, negative equity and high unemployment serve as the main obstacles to a more resilient home sales market.” Paul Dales, an economist at Capital Economics, said even after the uptick in August sales, they are still at the second-lowest level seen in 14 years. “Looking ahead, as the distortion from the tax credit continues to fade, home sales will rise further,” Dales said. “But when unemployment is so high, negative equity so widespread and the threat of further price falls becoming a reality, demand for housing will remain relatively weak.” David Stevens, commissioner for the Federal Housing Agency, in testimony before Congress today said between 20% and 25% of homeowners in the U.S. are underwater. Quinn Eddins, director of research at Radar Logic, said today that home prices would follow depleted demand to a new bottom either by the end of 2010 or the start of 2011. He doesn’t make too much of the “rebound” in home sales reported
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