New Home Sales Are Down
This is the kind of news that is exactly what I knew was coming. Now that the government is out and the credit is ended, maybe just maybe we might be able to bottom out and start to rebuild.
This is the slowest sales pace since the Commerce Department began tracking data in 1963. The prior record was set in September 1981, when new homes sold at an annual rate of 338,000.
A consensus of economists surveyed by Briefing.com had expected May sales to slide to an annual rate of 430,000.
Home sales had surged in March and April as homebuyers scrambled to sign contracts ahead of the April 30 deadline for the tax credit. First-time homebuyers qualified for a tax credit up to $8,000, while repeat buyers could get as much as a $6,500 break. via CNN Money
Comments(2)