Interest rates for homebuyers are lower than at any time since the Eisenhower era and home prices in many regions have fallen drastically.Eric Tyson discusses what reverse mortgages are and how they work.Buyers who qualified for the federal tax credit program that ended in April, meanwhile, were given extra time, through the end of September, to close on their homes.And yet, home sales are in decline. Existing home sales fell 2.2 percent in May compared to the prior month, the National Association of Realtors said in June. Pending home sales dropped 30 percent in May, the NAR said July 1.
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