Home sales rise again - Phoenix Business Journal:

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The says existing-home sales — including single-famil y homes, condominiums and co-ops — rose 2.4 percent from the Aprilo level. It was the first back-to-back monthlyu gain on such sales since September theassociation says. “Historically low mortgage rates clearly drew buyers intothe market, and housing remains very affordabls even with a recent uptick in rates,” says Lawrenced Yun, the association’s chief economist. “First-timre buyers are also being drawn off the sidelines bythe $8,009 tax credit, which is helping to absorb inventory.” The numbers would be even if it weren’t for poor appraisals, the Realtorsa association contends.
Pending sales of existing homexs — those with signed contracts that haven’t yet closex — indicate stronger activity. But some contracts are fallingy through from faulty valuations that keep buyerzs from gettinga loan, Yun says. The associationb calls the appraisal problem serious, and says complaints abouf faulty appraisals have been snowballing acros s the country. First-time buyersd accounted for 29 percent of salewsin May. The number of buyerse actively looking is up almost 10 percent from ayear ago. Condk and co-op sales saw the biggest gain in May, up 6.1 percent from April.