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Latest statistics of housing sales in the US have shown a decline in the final weeks leading up to the completion date of the real estate tax credit. Set to expire on November 30th, the tax credit was designed as a boost for the real estate sector, providing first time homebuyers with an US$8,000 rebate on property purchases.
The sudden decline in sales has provided further evidence to the government that the tax credit was in fact assisting with the growth of the market over the past months. Demands for an extension of the credit have been under consideration by the government, expected to announce a final decision in the coming weeks.
Following the decline in property sales over the past month, it is predicted that the decline will continue without the incentive from the tax credit. As property prices continue to remain low, those with the capacity to purchase under current economic conditions are unlikely to rush into immediate sales without the additional benefit of the tax credit incentive.
Along with property sales, applications for building permits also fell during September, further adding to the bleak outlook for sales and construction in the coming months. While it is predicted that some construction works over the past 6 months were hastened for buyers wishing to take advantage of the tax credit, the overall outlook for the US property market does not appear set to regain balance in the coming months.
Foreclosures have been another despairing area of the US real estate market, with record numbers of filings over the past three month period. Foreclosure filings are expected to affect over 1 million more homeowners in 2009 compared with the previous year. Property repossessions have also increased in September by over 10,000 homes in comparison to figures from August.
When combining the impending end of the 2009 tax credit, applications for construction permits, foreclosures and repossessions, the US real estate market appears quite grim. However, in comparison to the figures from January, the sector has improved by over 20%, lending a positive light to the atmosphere of the market.
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