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June 2 (Bloomberg) -- The number of contracts to buy previously owned homes climbed in April as Americans took advantage of the last month of a tax credit.
A plunge in mortgage applications signals sales will soften in subsequent months following the April 30 deadline to sign contracts and obtain as much as $8,000 in government assistance. Any sustained recovery in housing hinges on maintaining stability in financial markets and gains in employment in the wake of the European debt crisis.
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