Hammond President Saul Cohen Quoted on MA Real Estate Market

Posted by Mark H. Lippolt — August 26, 2010

1282843269A precipitous drop in home sales in July following the expiration of the federal home buyers tax credit has economists and housing specialists worried the real estate market has stalled and will further undermine the economic recovery.

Although housing specialists had anticipated a drop-off in July after the expiration of the $8,000 first-time buyers credit, the decline was much worse than many had expected: 26 percent fewer home sales in Massachusetts than a year earlier, in July 2009, according to data released yesterday, bringing the number of sales to a 20-year low for that month.

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