Seasonal residents, not rebate extension, lift Phoenix housing market

Extending the federal income-tax rebate for first-time homebuyers hasn't done much to boost Valley home sales since the rebate's original cutoff in November, leading some local homebuilders and analysts to think the overtime might have been overkill. Still, they say something even better is happening: Homebuyers, especially seasonal residents from outside Arizona, appear to be regaining confidence in the Valley's new-home market. David Kitnick is one of several local builders who said the past two months have produced more sales than any comparable period in the past two years, something driven by out-of-state buyers.

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