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June 2, 2010

1

Existing Homes Sale Jump 6 percent in April

by Bob Schwartz
home sales

home sales

The National Association of Realtors said its index the measures the number of contracts on existing homes rose 6 percent in April.

April’s increase followed gains of 7.1 percent in March and 8.3 percent in February.

The index was at its highest level since last October, when first-time home buyers scrambled to beat an initial deadline for the federal government’s tax credit, NAR said.

Pending home sales were 22.4 percent higher than in April 2009, the industry group said.

The higher-than-expected jump in pending sales does not change my personal short-term outlook, which calls for existing-home sales to decline in the months ahead.

Look at my May 27th. post. In that post, I said: “Don’t be fooled by the upcoming home sales reports because many of the homes that went under contract in April had closings scheduled for May and June.”

Coronado California real estate

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1 Comment
  1. Riverside lawyer
    Jun 9 2010

    I agree with you completely. The numbers may look good now, but without the tax credits they should drop back down. These reports are doing nothing but lulling people into a false sense of security….

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