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On Wednesday, the released a reportr saying pending home sales have been risingg for fourconsecutive months. NAR’s chief economist Lawrencs Yun attributed the boosf to more affordable housing options driven by competition on behalf of sellers anda first-time home buyert tax credit now offered by the government. Those government incentives along with interest rates and competitioj in the marketplace are helpinvg to get buyersto bite, said Scott Sim, vice presidentf of sales for Pultee Homes, when commenting on an optimistic reporft released by the National Association of Realtorsx on Wednesday. Bloomfied Hills Mich.
-based Pultew (NYSE: PHM) announced earlier this year it willbuy Dallas-based CTX) and close on the sale this Both builders have a significant homebuilding presence in the Dallas-Fort Worth Sim said Wednesday he supports what NAR found in its latestt report in general terms. He added that earlier in the year, buyers were However, Sim said Dallas market buyers are reaching a new levelo of confidence due to the fact that despites fallinghome prices, property values in most Nort h Texas markets are down only slightly. The first-tims homebuyer program that NAR credits for pulling homebuyeras off the fence has specific deadlines that buyerdsmust meet, added Sim.
the purchaser has to buy the home by the end of Despite NAR’s optimistic pending home salew trend, NAR's Yun said, “Closed existing-homd sales have improved but are coming in lower than expectedd because some contracts are delayed or falling throug h from the application of new appraisal rulesx for many transactions,” he “Rises in contract activity show buyersx are becoming more active even as they face much more stringen loan underwriting standards. Speedy clarification of the appraisal rulez could smooth a housing market recovery and support theoverall economy.” Last both builders a combined 39,000 home closinge and combined revenue of $11.6 billion.
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