9.4% Jump in Resales for September

Homes resales rose 9.4% in September, the largest jump in 26 years, as buyers rush to close their transactions to qualify for the $8,000 tax credit.

Sales rose around the country, especially in the West, where they grew 13% from a month earlier. Foreclosure sales are booming in cities like Los Angeles, San Diego and Las Vegas.

First-time home buyers and investors are snapping up those homes and taking advantage of low mortgage rates. First-time buyers can also take advantage of a tax credit of 10% of the sales price, up to $8,000, if the sale is completed by the end of November.

With concerns about the housing market still prominent, Congress is considering several proposals to extend the tax credit for first-time buyers. Senators Johnny Isakson and Christopher Dodd want to extend it through June 30, and expand it to include all home buyers, at an estimated cost of $16.7 billion.

Realtors and home builders are pressing lawmakers to do so, arguing that the tax credit is crucial to get the housing market back on its feet.

We still have to deal with increasing unemployment rates, which are expected to top out at over 10%, but it's encouraging that people are feeling confident enough to jump off the fence and p purchase homes.

Hoboken and downtown Jersey City have weathered the storm fairly well with overall prices dipping about 7-10% over that last 12 months.