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Coldwell Banker CEO: "Move-up buyers absent"

By Anonymous

From Reuters: Housing Sales Lackluster This Spring: Coldwell (ht Annie)

Jim Gillespie, president and chief executive of Coldwell Banker Real Estate, in an interview with Reuters, said sales were only modest during the spring, with demand overwhelmingly dominated by first-time home buyers and investors.

"The more important 'move-up' buyers were absent and that is not encouraging," said Gillespie ..."They are key to a U.S. housing market recovery,"

With lenders as sellers in a large percentage of sales, it is no surprise there are few move-up buyers. This will impact the mid-to-high end for some time.

The article also mentions a proposal for a new $15,000 tax credit.

Full post as published by Calculated Risk on June 18, 2009 (boomark / email).