A recent Bloomberg News article reports first time home buyers were aided this past year by an $8,000 tax credit that raised resales to a 6.1 million annual pace in October, the highest since February 2007 according to the NAR. Last month President Obama extended the program for another year for first time buyers and broadened the program to include some move-up buyers. However, it can’t be used for homes priced above $800,000. As a result, the high end has continued to decrease in value and is predicted to continue to do so over the next year. High end homeowners are no different from other housing markets in that they have also suffered in this down economy and many struggle to make their mortgage payments. Only there is no bailout plan in place to help the million dollar market. Currently houses valued at over a million dollars are defaulting at twice the rate of other markets. Read the full article here
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