Good news for real estate markets across the country as the National Association of REALTORS (NAR) reported a 3.1 percent increase in the rate of existing home sales through the month of July. NAR's revised home sales forecast now stands at 5.0 million units for 2008, up from the 4.84 million units estimated in June.

Provisions in the recently passed housing stimulus package have created additional opportunity for buyers. NAR president Richard F. Gaylord explains, “Buyers who’ve been on the sidelines should take a closer look at what’s available to them now in terms of financing and incentives."

Overall mortgage interest rates remain at their historic lows, currently hovering in the low-to-mid 6 percent range for a 30 year fixed rate loan. The combination of low interest rates and higher housing inventories makes this one of the best buyer markets in recent history.

The recently passed Housing and Economic Recovery Act of 2008 has created a tax credit helping first time homebuyers. The tax credit is applied to a qualified purchase of a primary residence from April 9, 2008 through June 30, 2009. The amount of the credit is 10 percent of the home's purchase price, and is not to exceed a maximum of $7500. The tax credit is to be paid back within 15 years, effectively making this an interest-free loan from the US government. Be sure to contact us for more details on this helpful program!