Residential sales in July fell 27.8% from last year as the market heads forward without the homebuyer tax credit, according to the real estate brokerage chain RE/MAX. In July, home sales fell 30% from June. The homebuyer tax credit, which gave a $8,000 to first-time homebuyers and $6,500 to existing ones, had an April 30 deadline to sign a sales contract. Double-digit drops have been common since.

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