Pending home sales are up. But will they close in time?
Buyers racing to sign home-purchase contracts in time to qualify for a federal tax credit pushed home sales up for the third month in a row. Pending home sales, based on contracts signed in April, are up 6 percent from March, the National Association of Realtors reports.
But the Realtors are warning that some buyers may have trouble closing their deals by the June 30 deadline for qualifying for a tax credit of up to $8,000. They point to the rush of business, bank delays with short sales and foreclosures and appraisal issues as reasons why closings could take longer then usual. The trade group is lobbying Congress to ease up on the closing deadline--so stay tuned.
June 2, 2010; 10:00 AM ET
Categories: Statistics , The economy , The market
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