Home Sales Bounce to 2-year High

A report by Renae Merle of The Washington Post states that existing homes sales climbed 9.4 percent in September the highest level in more than 2 years. In the South region which includes Virginia, sales rose 9 percent. Analysts say that at the current rate it would take 7.8 months to sell all of the homes on the market.

One of the biggest reasons for the increase is the growing demand for cheap property and an $8,000 tax credit for first time buyers. Analysts worry that the major increase is due mainly to the tax credit and people rushing to cash in before it expires. Proposals have been made to extend the Nov. 30 expiration date for the credit because of the fear that sales will stumble once it expires. More on this here.