Closings

Existing Home Sales Dip 2.2% in May 

In the first month after the deadline to sign a contract for the homebuyer tax credit, the annual rate of existing home sales declined 2.2%, according to the National Association of Realtors (NAR). The numbers reflect borrowers closing during the period leading up to the end of June, when the $8,000 tax credit on buying a first-time home expires. To qualify, potential homeowners needed to put in an offer on the house by the end of April.