US home sales nosedive 16.7% in December

December’s decline had been expected because of the original 30 November deadline to complete deals.

But as first-time buyer tax credit has now since been extended until 30 April, the NAR predicts another surge this spring.

In general the US house market is improving with total sales in 2009 almost 5% higher than in 2008 – the first annual gain since 2005.

But the market remains volatile and prone to bursts of activity due to tax changes.

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