While home sales had surged during March & April 2010, May 2010 saw home sales plummet to record lows as the home buyer tax credit expired. Those who purchased in March or April needed to close their deals by the June 30th federal deadline.
Even if everything in the real estate process goes smoothly for buyers, we all know there are still many uncertainties and many home buyers didn’t want to risk missing the deadline by making a purchase in May.
Economists and real estate experts expect housing sales to remain depressed during the third quarter as lending standards remain strict and home construction remains slow. The market is also dependent on unemployment stabilizing and salaries increasing. When those start to happen and people feel more job security, we’ll see a real estate market recovery.
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