Home Sellers Cut Price As Tax Credit Ends

 

BY REUTERS

More home sellers cut their listing prices in April, aiming to seal deals in the waning days of federal tax credits meant to revive housing.

Prices on 22% of homes on the market as of May 1 had been cut at least once, vs. 20% the prior month, a Trulia.com report said Wednesday. More than a year of tax credits up to $8,000 ended April 30, and $1.4 trillion in mortgage-tied bond buying by the Federal Reserve to lower home loan rates finished March 31.

“As we readjust to the free market, we expect to hit turbulence in some markets,” said Trulia CEO Pete Flint.

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