November Home Sales Down 30 Percent From Last Year

November marked the fifth straight month of weak home sales in the Nashville area.

30 percent fewer homes sold this November than the same time a year ago. That’s when the industry was buzzing over a tax credit for new home-buyers. But that boost is now long-gone. Realtors association president Lucy Smith says in a way the tax credit wasn’t so much good news as the delay of bad news.

“The tax credits were a good thing because it did help some people out, but it was also something that we knew could not go on forever, so it was sort of a false sense of security during those months where we did have increased numbers and sales.”

Smith also pointed to Washington, where a federal debt commission suggested ending a tax deduction for interest on mortgages. She says it’s another turn-off for people hesitant to buy in a slow economy.