The Homebuyer Tax Credit: Single Family Home Contracts Jump in April, Plunge 50% in May For C'ville and Albemarle, Drastically Below Earlier Years

This area followed the national trend of bumped-up contract signings by April 30 for the expiration of the Homebuyer Tax Credit, with a reactive decline in May.  

Fannie Mae's Chief Economist noted the tax cred shifted demand forward but did nothing to change the market, even while creating momentary, unsustainable price appreciation.

Experts say up to 20% of pending contracts nationwide will