Tax Credit Increases Home Sales

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By Kyle Midura

Story Published: Nov 25, 2009 at 7:51 PM MST

Story Updated: Nov 25, 2009 at 7:51 PM MST

BILLINGS - Sales of previously owned homes jump 10.1% across the U.S. in October on the strength of the first time homeowner tax credit. The National Association of Realtors reports sales are at their highest level in two years.

Experts suggest the anticipated end of the tax credit, now set to expire in April, spurred the boom. While sales are up, prices are down.

Local agents said Yellowstone County's market has been more stable than the rest of the country.

"We really never got crazy like the rest of the country in Yellowstone County," said Real Estate Agent Howard Sumner, "yes there was some subprime, and what they call liar loans, but that was such a small percentage of the lending that occurred in Yellowstone County that we don't have any foreclosures to speak of."

Sumner said the local foreclosure rate is only one percent, about what it is in good economic climates.

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