In the US, sales rose sharply in the secondary housing market

In September, the first time in more than two years, sales of second homes in the US market reached a record high, as buyers rushed to take advantage of state tax credit, which will be canceled in November 2009. The level of the secondary housing sales exceeded expectations and grew by 9.4% on the annual level of sales in 5,570,000. Units. It was the highest result since July 2007 and, after an annual rate of 5.09 million. In August, it said on Friday in Washington, the National Association of Realtors. Most analysts attributed the rise to the opportunity to receive state tax credits of $ 8,000 to buyers, who first acquires the property. The validity of this credit program expires on November 30, so many consumers tend to use this feature. In turn, the massive influx of buyers who are in a hurry to buy a house before the deadline increases the likelihood of decline in real estate prices during the coming winter. Since September 2008, the average housing prices fell by 8.5% in the country, up to $ 174.900, which is the minimum reduction in the last 13 months. Number of houses in the US secondary market also fell by 7.5% in September, to 3.63 million. On this Site www.moneymorning.com