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The says existing home sales, including single-family condos and coops, rose 2.4 percenf in May. It was the first back-to-back monthly gain in existing home salesd sinceSeptember 2005. “Historically low mortgagd rates clearly drew buyers intothe market, and housingg remains very affordable even with a recent uptick in said NAR chief economist Lawrenc Yun. “First time buyers are also being drawn off the sidelinew bythe $8,000 tax credit, which is helping to absorbg inventory.” The numbers could be even if it weren’t for poor says the Realtors association.
Whiler pending sales of existinghomes - those with signedx contracts but not closed - indicate stronger activity, some contracts are falling througjh from faulty valuations that keep buyers from getting a said Yun. The NAR calls the appraisal problem and says complaints about faultu appraisals have been snowballing acrossthe country. Firstg time buyers accounted for 29 percent of salesin May. The numbedr of buyers actively looking is up almost 10 percenr from ayear ago. Condominium and cooperatives sales saw the biggesyt gainin May, up 6.
1 percent from
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