Existing homeowners, who had been sitting on the sidelines for much of this year, stepped up their home purchases in November, according to the latest Campbell/Inside Mortgage Finance monthly survey of real estate market conditions.

“Our survey statistics are showing the effect of Congress’s delay in extending the homebuyer tax credit and then its eventual extension,” said Thomas Popik, research director for the Campbell/Inside Mortgage Finance survey. “The first-time homebuyers started to lose interest in October when it appeared that Congress wouldn’t extend the credit. When the credit was finally extended in early November, current homeowners jumped at the new opportunity for a tax credit on their home purchases.”

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