Bad News for Home Buying
New Yorkers may need to brace themselves for a difficult real estate winter. In November of 2009, the number of buyers who purchased previously owned houses took a sharp dive. Real estate experts say that this is often a sign that sales will be low over the course of the winter.
The National Association of Realtors showed a 16% downturn from October to November in their adjusted index of sales agreements. This was actually the first decline after nine months of encouraging gains, and it was the lowest reading since June.
These statistics are particularly peculiar considering the extension of the tax credit deadline that Congress recently passed. Consumers, apparently, are taking their time committing to purchases at the moment.