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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