First time buyers
The National Association of Realtors says sales of previously owned homes rose 2.4 percent last month. Falling prices and increasing foreclosures are likely the reasons for the jump — the median home price fell 17 percent last month while foreclosure filings surpassed 300,000.
Tax breaks for first-time buyers are also helping out the market. Of the people who bought homes in May, 29 percent were first-time buyers. President Obama’s stimulus plan includes an $8,000 tax credit for people who purchase their first home before December 1.
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