Arkansas Business on Today's THV: Housing Market

Arkansas' housing market hasn't been hit as hard as other parts of the country in this recession. Still, sales have been down for about two years, but there's good news.

The latest report from the Arkansas Realtors Association out Monday shows a near 10 percent increase in home sales compared to the same month last year.

That's only the second time in 44 months that home sales have been ahead in a month-to-month comparison. The last time it happened was in July.

Not surprisingly, the association attributed the gains to that first-time home buyers tax credit, which promised an $8,000 incentive for people to purchase their first home.

That tax credit drove the market throughout September, as homebuyers rushed to close before the credit was to expire on Nov. 30.

Now, however, Congress has extended the credit to may and its expanded it. And realtors hope that will continue to stimulate the market.

Here in Arkansas, Pulaski County sales rose by 7 percent in September. Faulkner County saw the biggest spike in home sales up 43 percent. Washington County in northwest Arkansas was up 36 percent.

Speaking of northwest Arkansas, that region has arguably seen the worst of the real estate and mortgage troubles in Arkansas.

And in the commercial sector, those troubles can best be illustrated in a dispute between developer Gary Combs and metropolitan bank over loan foreclosures in the wake of that area's real estate meltdown.

And you can read that full report in this week's Arkansas Business.