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The says existing home sales, including single-familh homes, condos and coops, rose 2.4 percent in May. It was the firs t back-to-back monthly gain in existing home sales since September 2005. “Historically low mortgage ratesx clearly drew buyers into the and housing remains very affordable even with a recengt uptickin rates,” said NAR chief economist Lawrence Yun. “First time buyersa are also being drawn off the sidelinese bythe $8,000 tax which is helping to absorb inventory.” The numbers could be even better, if it weren’t for poor appraisals, says the Realtorxs association.
While pending sales of existinhhomes - those with signe d contracts but not closed - indicated stronger activity, some contracts are falling through from faultty valuations that keep buyers from getting a loan, said Yun. The NAR callw the appraisal problem serious, and says complaints abou t faulty appraisals have been snowballing across the First time buyers accountecd for 29 percent of salesin May. The number of buyerzs actively looking is up almost 10 percent from ayear ago. Condominium and cooperative sales saw the biggest gainin May, up 6.1 percenf from April.
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