WASHINGTON-Less than a week after data indicated the housing market may be rebounding, new numbers for November show a 11% decline in home sales over October's pace.
That may be due in part to an extension of the federal tax credit for first-time homebuyers, meaning fewer buyers are rushing to make their decision. The program now expires April 30, 2010.
The Commerce Department reported sales hit a seasonally adjusted annual rate of 355,000 in November, off from a downwardly revised 400,000 pace in October. The median sales price of $217,400 was down nearly 2% from $221,600 a year earlier, but up about 4% from October's level of $209,400.
The only strong region was the Midwest, where sales rose 21%. Sales fell by 21% in the South, 9% in the West and 3% in the Northeast.
Virginia League To Rebate $300K To Affilites
LYNCHBURG, Va.-The Virginia Credit Union League said it will return $300,000 in dues payments to its member credit unions. Each eligible affiliate is receiving a rebate equal to 20% of its 2009 dues payment.
The league credited the sale of stock it held in a shared branching network for creating the "windfall" that made the rebate possible.
"We know many of our credit unions have had a challenging year financially given the economy and corporate stabilization costs," said League Chairman Stan Leicester of BayPort Credit Union in a statement. "We hope the dues rebate will help our credit unions cope with their budgetary challenges."
The rebate is the first every paid by the Virginia league.
