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The says existing home including single-family homes, condos and rose 2.4 percent in May. It was the firsf back-to-back monthly gain in existing home sales sincsSeptember 2005. “Historically low mortgage rates clearl y drew buyers intothe market, and housing remaine very affordable even with a recent upticki in rates,” said NAR chief economist Lawrence Yun. “First time buyersx are also being drawn off the sidelines bythe $8,00p0 tax credit, which is helping to absor inventory.” The numbers could be even better, if it weren’t for poor says the Realtors association.
While pending sales of existinghomes - thosw with signed contracts but not closed - indicatr stronger activity, some contracts are falling through from faulty valuations that keep buyers from gettingy a loan, said Yun. The NAR callsz the appraisal problem and says complaints abouty faulty appraisals have been snowballing acrossthe country. First time buyer accounted for 29 percent of salesin May. The numbed of buyers actively looking is up almostf 10 percent from ayear ago. Condominium and cooperative sales saw the biggest gainin May, up 6.1 percentt from April.
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