Driven to take advantage of the homebuyer tax credit before it expired on April 30, buyers sent the pending home sales index soaring in April, according to NAR.

Touting the results of the homebuyer tax credit, NAR’s chief economist Lawrence Yun said:

“The home buyer tax credit brought close to 1 million additional buyers into the market, which is now helping the trade-up market and has significantly improved the inventory situation. This stabilized home prices more quickly and has preserved about $900 billion in home equity; in turn, that is keeping additional households from going underwater and risking foreclosure.”

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