Existing home sales may continue to drop once the first-time homebuyer
tax credit expires, Stan Humphries, chief economist for Zillow, told NBC. Yesterday, the National Association of Realtors reported that existing home sales — which had been at elevated levels — dipped in June.
Humphries said the tax credit, for which the contract deadline was
April 30, had increased demand, driving sales up. But the extended
closing deadline is Sept. 30, and he said he expects a decline in home
sales followed by a long period of flat appreciation rates for upwards
of three years in the wake of the credit.
Expect long recovery for home sales following tax credit expiration: economist
July 23, 2010 12:30PM
