Sales of new homes fell 12% in July compared to June volumes, according to estimates released today by the U.S. Census Bureau and the Department of Housing and Urban Development.

A similar decline occurred for sales of existing homes. According to the National Association of Realtors (NAR), the number of existing homes sold last month dropped 27% from the prior month and 25% from the level a year ago.

NAR economist Lawrence Yun explained, “consumers rationally jumped into the market before the deadline for the home buyer tax credit expired (in June 2010).” A “pause period” is likely to last through September before the number of home sales picks up again, Yun continued.

VHFA has started listing houses we have for sale on our Web site.

Our listings consist of foreclosed homes VHFA has acquired from other lending institutions, renovated and are now offering at greatly reduced prices thanks to the Housing Acquisition and Rehabilitation Program (HARP), funded by the Vermont Neighborhood Stabilization Program (NSP).

Our friends across the street at Champlain Housing Trust (CHT) were selected by the U.S. Department of the Treasury to receive a $74,000 grant.

The money will go to explore expansion of CHT's lending program.

The grant comes from the Treasury's Community Development Financial Institutions Fund (CDFI), which works to expand the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and communities.

Our friends at Smart Growth Vermont in Burlington have a new Board of Directors Chairperson. Robin Scheu (top) succeeds founder John Ewing (middle).

Robin is Executive Director of the Addison County Economic Development Corp. in Middlebury. John continues to be an active member of the board.