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Experts: Winter weather may have affected the real estate market

March 4, 2010 - Although many residential real estate markets have shown improvement over the past few weeks, some industry experts suggest that harsh winter weather may have impeded growth in some areas.

Housing Wire reports that the March edition of the Federal Reserve's Summary of Commentary of Current Economic Conditions - more commonly known as the "Beige Book" - revealed that the homebuyer tax credit has led to rebounding in the low-end and starter home sectors. Over the past month, this growth has been strongest in the Philadelphia, Cleveland, Kansas City and Dallas districts.

The Richmond and St. Louis markets, however, reported mixed results. Officials in Richmond said that the harsh winter storms may have prevented growth in the district, according to the news source.

Reports also indicated declines in the New York, Atlanta and Chicago regions. San Francisco officials reported little to no change.

Experts attributed growth in less expensive markets and declines in more affluent areas to lending institutions' reluctance to award financing for pricier properties.

Individuals who wish to take advantage of the federal housing tax credit - which could save repeat homebuyers up to $6,500 - can apply for the program through April, according to the National Association of Home Builders.

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