The Pending Home Sales Index rose 2.4 percent to 90.9 in June. All regions show double-digit gains from a year ago.

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Please contact Congress today and ask them to make it clear to the regulators to implement a more reasonable QRM that will keep credit-worthy buyers in the market and able to acquire a loan.

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Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

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The Senate passed the bill extending eligible closings to Sept. 30, so buyers who were in contract by April 30 can get the tax credit.

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Update1: May’s new-home sales report added to the concerns of industry insiders and experts alike in a major way. The record-setting drop of almost 33% last month was, like the existing-sales report (see below), a surprise to some analysts. While the overall opinion was that sales were going to falloff after the tax credit was [...]

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