Unseasonably high home sales in October linked to tax rebate

A last-minute rush to cash in on the federal government's tax-rebate program for first-time homebuyers probably kept Valley home sales unseasonably high in October, local real-estate agents and analysts said. Based on preliminary figures from Mesa-based Ion Data, sales of condominiums and detached single-family homes increased slightly to 8,275, up from 8,219 in September. Meanwhile, foreclosures decreased slightly to an estimated 7,082 homes, compared with 7,563 homes foreclosed on the previous month. Phoenix real-estate agent and property manager Melinda Murphy attributed the relatively strong October existing-home sales to the tax rebate of up to $8,000, set to expire Nov. 30, and the fact that many buyers believe prices have "hit bottom."

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