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Tax credit fuels surge in home sales in November
U.S. existing home sales jumped 7.4 percent in November to a 6.54 million pace as federal tax credits for first time buyers and the Fed's mortgage rate push boosted demand. About 2 million buyers have used the credit, with 2.4 million more expected by mid‑next year, while prices slide and foreclosures rise in several states.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Stephanie Somers
Re/Max Access
Philadelphia
National Association of Realtors
Fed
Michelle Meyer
Barclays Capital
John Ryding
RD@ Economics
Gary DeRosa
ZipRealty Inc
Seattle
Thomson Reuters
Obama
Arizona
California
Florida
Nevada
Joel Naroff
Naroff Economic Advisors
Tim Surratt
Grenwood King Properties
Houston