Portland home sales up

Portland real estate shows signs of improvement, thanks in part to federal tax credits.

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Portland real estate is beginning to show signs of life, with closed home sales improving 35% this past January over the same period last year.

The timing couldn’t be better, with construction jobs down and a glut of inventory keeping new building from picking up.

This is a great time to buy a home. Really, it is. The recession has produced a slowdown in home sales, resulting in a glutted market and increasingly desperate sellers who are cutting their prices. Interest rates remain near historic lows and builders are offering incentives to potential buyers.

And until the end of the month, the federal government is also offering tax credits to both first-time and repeat homebuyers. First-time buyers can qualify for credits of up to $8,000, depending on their income and the price of the home, while repeat buyers can qualify for credits of up to $6,500.

Read the full story at the Portland Tribune.

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