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National numbers released and December wasn’t pretty January 25, 2010

Posted by mkuhbock in Arizona Vacation Property, AZ Real Estate News.
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The December numbers were released for home sales and the numbers were a little unsettling. A 17% drop in sales from the previous month, this is the largest monthly decline in the last 40 years.

In the Metro Phoenix area I am seeing properties listed at 1/3 off their peak sale prices in 05/06. The questions are how low can prices go and when will we hit the bottom?

December home sales down nearly 17 percent
Home sales plunge nearly 17 percent in December after tax credit deadline extended

By Alan Zibel, AP Real Estate Writer , On Monday January 25, 2010, 12:32 pm
WASHINGTON (AP) — Sales of previously occupied homes took the largest monthly drop in more than 40 years last month, sinking more dramatically than expected after lawmakers gave buyers additional time to use a tax credit.
The report reflects a sharp drop in demand after buyers stopped scrambling to qualify for a tax credit of up to $8,000 for first-time homeowners. It had been due to expire on Nov. 30. But Congress extended the deadline until April 30 and expanded it with a new $6,500 credit for existing homeowners who move.
“It’s ‘exit stage left’ for first-time homebuyers,” wrote Guy LeBas, an analyst with Janney Montgomery Scott.
December’s sales fell 16.7 percent to a seasonally adjusted annual rate of 5.45 million, from an unchanged …….

January numbers will be interesting.

Michael

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