Post-tax-credit blues for pending real estate sales

May drop follows 3 months of consecutive gains

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Fewer homebuyers signed purchase contracts for resale homes in May, according to a report by the National Association of Realtors.

The association expected May’s drop in its Pending Home Sales Index following the April 30 contract deadline for the federal homebuyer tax credits. The deadline for eligible sales under contract by April 30 to close will be extended to Sept. 30 from its original deadline of June 30 if the president signs off on a bill passed by Congress on Wednesday.