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Monday, November 02, 2009
Pending Sales Point To Stabilization: Analyst
By John Spence
MarketWatch Pulse
BOSTON -- A report Monday showing a roughly 6% gain in September pending home sales was likely helped by the soon-to-expire homebuyer tax credit, but it also "continues to point to stabilization, if not slowly improving trends in the housing market," said J.P. Morgan home-builder analyst Michael Rehaut. "Accordingly, amid this demand environment, we believe the builders are well-positioned to demonstrate positive order growth momentum over the next several quarters, as well as show further improvements in core operating margins," Rehaut wrote in a research note. The $8,000 tax credit for new homebuyers is set to expire at the end of November but there are plans in Washington to extend and expand the stimulus.
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