Real Estate Update

Sales have slowed down after the rush of the first quarter, mostly because the home buyer tax credits expired at the end of April.  Low interest rates do continue to entice buyers, but the number of homes under contract is down from this time last year.

Our first quarter sales were up nearly 40% over last year.  Currently we are down between 10-15% over last year on contracts written.  I think we will find that the home buyer tax credits artificially inflated home sales, and pulled buyers that would normally be purchasing homes this summer.

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