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Source: Housing Wire
Date: 4/21/2010
Authors: DIANA GOLOBAY
 
     

News Bite

First-Time Buyers Take Larger Share of Home Sales in March

According to a recent poll, first time home buyers made up a record percentage of people who bought homes in the month of March. Despite some analysts' fears that the pool of first time home buyers was thinning, the winding down of the federal tax credits has combined with a normal spring-summer upswing in home buying to provide unprecedented opportunities for first time home buyers looking to enter the market. Despite this increased activity, the volume of distressed properties on the market continues to climb. The federal tax credit for first time home buyers expires at the end of April. It remains to be seen whether new programs (ie. $200 Million tax credit for first time home buyers and buyers of new homes in California, government HAFA short sale program) will help to stem the wave of distressed properties coming on the market or if the so-called "shadow inventory" of foreclosure will begin to saturate the market after the federal credit expires.
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