News Article From: 11-05-2009
Unseasonably high home sales in October linked to tax rebate - A last-minute rush to cash in on the federal government's tax-rebate program for first-time homebuyers probably kept Valley home sales unseasonably high in October. Based on preliminary figures from Mesa-based Ion Data, sales of condominiums and detached single-family homes increased slightly to 8,275, up from 8,219 in September. Meanwhile, foreclosures decreased slightly to an estimated 7,082 homes, compared with 7,563 homes foreclosed on the previous month. The majority of sales have been in the lower price range, between $100,000 and $150,000, though it's becoming a bit more common to see deals close on homes well above that range.
Senate expands homebuyer tax credit, extends jobless benefits - Yesterday, the Senate voted 98-0 to extend and expand the tax credit to include buyers who already own homes. The House is expected to vote on the bill today. Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.