Motivated first-time buyers racing toward the Nov. 30 deadline for an $8,000 tax credit propelled sales of previously owned homes in September to the highest monthly gain in 26 years. According to the Philadelphia Inquirer. Sales rose 9.2 percent over the same month in 2008 and 9.4 percent from August, the National Association of Realtors reported yesterday. Since February, more than 340,000 qualified first-time buyers have taken advantage of the credit, which is retroactive to Jan. 1.
Recognizing how critical the tax credit has been to a market on life support since the end of the national real estate boom in 2006, the housing industry has been pressuring Congress to extend it for another year and make it available to all buyers except investors and second-home purchasers.
"We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters, until we reach a point of a self-sustaining recovery," said Lawrence Yun, chief economist for the Realtors' group. Economists agree that continuing the tax credit - estimated to cost the government an additional $1 billion - is key to a housing recovery, now forecast for the second half of 2010.
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ZIP Code: 19312 Location Characteristics: Devon-Berwyn is a census-designated place that probably describes the densely populated area at the center of what the residents and the post office consider the two separate towns of Devon and Berwyn, located in Chester County, Pennsylvania. As of the 2000 census, it had a total population of 5,067. Devon and Berwyn are both part of Pennsylvania's Main Line.
About William McGarrigle:
I am a licensed Real Estate Broker who has been selling homes since 1985. My area of specialization is "geographic". I specialize in home sales in Malvern, West Chester, Exton, Devon, Berwyn, and Paoli. This is the area I live in and am very familiar with. These areas are serviced by the Great Valley, Tredyffrin/Easttown, and West Chester Area School Districts. I am more than happy to help you decide which area best fits your lifestyle.
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