First time home buyers made up nearly 50 percent of all home sales transactions in November. Supposedly first time home buyers are taking advantage of the first time home buyer program. Perhaps buyers are more inspired by low interest rates between 5 and 6 percent or maybe first time home buyer are motivated by foreclosure bargains. In any case, sales were up 44 percent from last year. Congress has extended the deadline for first time home buyer tax credit and offered a 6500 dollar tax credit for existing home owners that want to upgrade. The volume of foreclosure priced at a discount is enough to get most buyers off the couch and out and about to explore opportunity in home buying.
