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July Market Update

It’s on, it’s off, it’s on again.  That is, the extension for closing a purchase to qualify for the tax credit for first time homebuyers and move up buyers.  While the Senate passed and then didn’t pass an extension, the House passed its own version on June 29 and, keeping us hanging until the last minute, the Senate passed the extension by June 30.  The huge numbers of contracts (11,737) now have the opportunity to finish negotiating their short sales and close by September 30, the new expiration date.  4,126 homebuyers did manage to complete their purchases in June.  Inventory is down, also, from over 11,000 last month to a current available inventory of 9,233.

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