Housing

Tax Break Pushes Existing Home Sales Upward

Sales of existing homes hit a two-year high last month, as buyers scrambled to use the $8,000 federal tax break for rookie owners. Bloomberg reports:

Purchases jumped 9.4 percent to a 5.57 million annual rate, more than forecast and following a 5.09 rate in August, the National Association of Realtors said today in Washington. The median price fell at the slowest pace in a year.

The tax break runs out Nov. 30. Some members of Congress and the housing lobby have been pushing to extend the program and increase the amount to as much as $15,000. A Treasury Department audit this week show signs of fraud and abuse in the program. One reported buyer was four years old.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.