Sales of existing homes received the biggest boost in a decade due to the first-time homebuyers tax credit, fueling hopes of a rebound in struggling real estate markets driving some Wall Street stocks higher. Foreclosures, plunging real estate values and job losses still plague many markets, particularly in California and Florida, while economic indicators in some markets are causing bidding wars for homes in select cities. Overall, home sales across the country are up 36 percent above their lowest point in January 2009. Real estate analysts cited the looming expiration of the federal first-time homebuyers tax credit as the principal reason October home sales rose sharply. Congress extended the tax credit program in October until next spring.

The National Association of Realtors released home sales figures recently that fueled a stock rally on Wall Street, pushing the Dow Jones industrial average up more than 132 points. Real estate analysts projected that the tax credit extension will sustain most housing markets across the country through 2009, but expected the nation’s overall economy to benefit only slightly from increased home sales. They cited several factors that are preventing the economy from recovering such as slow job creation, rising foreclosures, reduced spending by consumers, and sluggish new home construction.

If you’re thinking of buying Louisville real estate and taking advantage of the federal tax credit, your window of opportunity has been extended but won’t last forever. With housing prices down overall in and around Louisville, the time to buy is now. Whether you’re buying or selling Louisville real estate, call Louisville Properties today at 502.744.9505 for superb customer service and a Louisville real estate professional who gets results!