What's behind the home sale boom?

Rockford home sales, aired 5/12/10 5:14

Rockford, IL – Last month, Rockford home sales were up 47% compared to April 2009. Experts point to an end-of-April rush to take advantage of now-expired federal tax credits. Steve Bois is CEO of the Rockford Area Association of Realtors. He says despite the good news, we still have a long way to go before the economy returns to its pre-meltdown condition. He says markets indicate growth, and the next two or three months will offer a good indication of the strength of the recovery.

Bois says even though the federal tax credits are gone, low interest rates and affordable prices make this one of the best times in U.S. history to buy a home.

For more on the spike in Rockford-area home sales, WNIJ's Christopher Hosken asked Steve Bois to puzzle apart the factors behind it.

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Curious about home sales and average prices in YOUR county? Check out this link from the Illinois Association of Realtors: