Pending Sales of Existing U.S. Homes Climbed in April

The number of contracts to buy previously owned homes climbed in April as Americans took advantage of the last month of a tax credit.

A plunge in mortgage applications signals sales will soften in subsequent months following the April 30 deadline to sign contracts and obtain as much as $8,000 in government assistance. Any sustained recovery in housing hinges on maintaining stability in financial markets and gains in employment in the wake of the European debt crisis.

“This is the last hurrah for the housing market for a while,” said Russell Price, a senior economist at Ameriprise Financial Inc. in Detroit, who correctly forecast the increase in pending sales. “There will be a temporary hangover that will last a few months. The recovery will be a slow process that will take a few years.”

Read Full Article from BusinessWeek

- Posted: 2010-06-02 11:29:01

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