Existing-Home Sales Down in June
Lawrence Yun, NAR chief economist, said first-time home buyers are
critical to the health of the housing market. “About four in 10 homes are
purchased by first-time buyers, which frees existing owners to trade up,”
Yun said. “With many potential first-time home buyers on the sidelines, a
first-time buyer tax credit would have a significant positive impact on
both housing and the economy. Combined with permanent increases to mortgage
loan limits and enhancing the FHA loan program, the housing stimulus
package working its way through Congress would go a long way toward helping
consumers and boosting the overall economy.”
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