Sales of existing homes have fallen to a fifteen year low. Bill Malkasian, President of the Wisconsin Realtors Association notes that existing home sales surged in the early spring largely because of a lucrative tax credit program for buyers. Malkasian said July’s drop is not surprising to many people in the industry. “It’s simply the fact that many of the buyers used the April 30th deadline and moved their decision to March and April instead of June or July,” Malkasian said. He said the tax credits had the effect of getting some higher end properties – at $250,000 and more – sold. “That was a good thing,” he added. Malkasian said Realtors will be closely watching fourth quarter sales numbers to see whether some normality returns to the marketplace. Sales fell in every region of the country, led by a 35 percent drop in the Midwest.
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