Maryland Real Estate Press Release by Brien Berard
FOR IMMEDIATE RELEASE
MARYLAND – Throughout the United States, pending real estate sales declined in June. According to the National Association of Realtors, “The [pending] national real estate sale index fell 2.6% to 75.7% comparative to the 2009 level which was down over 18%.” Maryland real estate experts say this decline in home sales is directly associated to the expiration of the 2010 government legislated tax credit for new home buyers.
Home builder DR Horton, Inc. says “It is easy to think the [Maryland real estate] market might be finally recovering form four years of turmoil.”
Tax Credit Incentives for New Home Buyers in Maryland
The recently approved federal tax credit offered incentives of up to $8,000 for Maryland real estate listings. Although the number of interested buyers increased, many could not qualify for mortgages. Maryland real estate experts claim that this sudden burst of unqualified prospect buyers directly associated June’s dramatic drop in the housing market.
Maryland Real Estate Market Experiences Record-Low Mortgage Rates
Maryland real estate builders state that the reason prospective buyers fell dramatically in June was because of the Federal Tax Credit’s expiration. Although history set record-low mortgage rates and home ownership is more affordable than ever, the amount of people that closed homes in June set a record low. According July’s report from the National Association of Realtors, closings throughout the nation dropped 2.6%. This decline was preceded by a 30% plunge in May, thereby creating the second-lowest mortgage rate in history.