“The real estate industry in Maine is showing new signs of life after months of bad news, reflecting a national trend.
Last month, pending sales of existing homes were the strongest of any month since August 2007. Pending sales – purchase and sales contracts that have been signed but not closed – were up 11 percent from May a year ago, even better than the national increase of 3.2 percent from May 2008 to May 2009.
Linda Gifford, spokesman for the Maine Association of Realtors, said the surge in activity is being fueled by low prices, low interest rates and the $8,000 tax credit for first-time homebuyers. A recent bump in interest rates triggered another flurry of business, from people scrambling to get into the market before interest rates rise further and home prices take off again, she said.
“People are looking because they are thinking maybe the bottom has come, she said”…
“In Maine, economic pessimism may be easing…” follow the link to read the full article