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.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 more important 'move-up' buyers were absent and that is not encouraging," said Gillespie ..."They are key to a U.S. housing market recovery,"
The article also mentions a proposal for a new $15,000 tax credit.