• 
  Like
• 
  Follow

Search news    

---

Report states federal credit helped Oregon home sales surge

May 17, 2010 - It seems that in at least one state in the country, President Barack Obama's federal tax credit convinced a number of people to become homeowners.

The Regional Multiple Listing Service reported figures for April home sales and found that the housing credit, which was worth up to $8,000 for homes that were under contract by the April 30 deadline, helped increase home sales in Portland by 49.1 percent, according to the Portland Business Journal. This was when the figures were compared to the same month the year prior.

Some housing market experts expect continued high numbers in May because of the late-month deadline in April.

The surge in home sales has led to increased confidence for builders as well, which may indicate a positive outlook for the housing market in the near future.

"Builders are more comfortable that the market is truly beginning to recover, and that positive factors for buying a new home - low interest rates, great selection, stabilizing prices and a recovering job market - are taking the place of tax incentives to generate buyer demand," said David Crowe, chief economist of the National Association of Home Builders.

Recent Articles

Related Categories