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Home sales soar in April
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Jun 02, 2010 12:54pm |
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| Category | News |
| News Date | Wednesday, June 2, 2010 06:00:00 PM UTC0:0 |
| Description | By Vicki Needham - 06/02/10 10:17 AM ET
Pending home sales rose in April for the third consecutive month as the housing market showed sustained growth.
Pending sales of existing homes increased 6 percent in April, as more buyers than expected bought homes in advance of the up to $8,000 tax credit that expired April 30, according to an index released Wednesday by the National Association of Realtors (NAR).
The tax credit attracted nearly 1 million additional buyers into the market, preserving $900 billion in home equity. That equity is boosting the trade-up market, improving inventories and helping homeowners avoid going underwater on their mortgages or risking foreclosure, NAR chief economist Lawrence Yun said in a release.
While anxiety continues to swirl around the housing market, the report on Wednesday is another positive indicator that the market may finally be regaining its footing. That makes the report welcome news for the Obama administration and Democrats heading into this fall's elections. |
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