The National Association of Realtors® (NAR) announced Monday that the volume of signed contracts to buy resale homes rose for the eighth straight month in September as buyers scrambled to take advantage of a tax credit for first-time owners that expires November 30th, 2009. It was the highest the index has been since December 2006 and over 21 percent above a year ago. Its seasonally adjusted index of homes under contract rose 6.1 percent from August to 110.1. Congress is set to extend the home buyer credit until April 30, 2010. Legislators have also propsed a $6,500 credit for resale buyers as long as they have been living in their current residence at least five years.
