The impact of the Tax Rebate has certainly been felt. In the months leading up to the expiration of the tax rebate we saw under contracts and pending sales increase significantly. We also saw the prices for foreclosures, especially in the under $200k price range, gradually increase and in some instances price increased significantly.
Now two months after the contracting deadline to take advantage of the tax rebate the recovery, at least in real estate, seems less than hopeful.
There were 5,138 closings for all single family units in June which was a decrease of 5.9% from June 2009. It was also our first year to date decline after four consecutive positive months.
There were 4,326 closings in June for all single family detached homes,