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Published on: 10/18/2009
Last Visited: 10/18/2009
Kathy Harbaugh, director of the Realtors Association for Central Indiana, said sales figures through the tax credit are not being tracked, but says the federal program has had an impact.
"We're coming up to the deadline," she said of the Nov. 30 cutoff date.
"People have to close on the purchase of a house by the end of November."
Harbaugh is advising people to buy now and not taking a chance the program will be extended.
"It has been a huge benefit," she said.
"It has been very important to the housing industry.
With every transaction, 51 people go to work."
The program has helped the economy as a whole, as people are moving into existing homes, Harbaugh said.
She said in many cases, buyers don't need a down payment or in some cases a 5 percent down payment.
Harbaugh said sales in the six county area are stabilizing and noted that July was a good month.
"We're not seeing additional declines," she said.
"People sitting on the fence are buying, which is a positive sign.
There is no spikes up and down in sales."
The fourth quarter is normally when sales go down, Harbaugh said.
"It has not been a bad year," she said.
"It has been better than what people expected."
Harbaugh said sales in the region have been a mixed bag.
Leading the way has been Grant and Wabash counties.
"Mortgage rates have maintained and home prices remain lower," she said.