WASHINGTON (Reuters) - Sales of new single-family homes tumbled more than expected to a record low in May as the boost from a popular tax credit faded, according to a government report on Wednesday that added to worries of a slowing economic recovery.
The Commerce Department said sales dropped a record 32.7 percent to a 300,000 unit annual rate, the lowest level since record keeping started in 1963, from a downwardly revised 446,000 units in April. The fall unwound two months of gains, which had been inspired by a government tax credit for home buyers. Prospective home owners had to sign contracts by April 30. Analysts polled by Reuters had forecast new home sales sliding to a 410,000 unit-pace from April's previously reported 504,000 units. New home sales are measured at contract signing. A report on Tuesday showed sales of previously owned homes, which are recorded at contract closing, fell unexpectedly in May.
Wednesday, June 23, 2010
More great news from Obamaland.
Posted by traderrob at 7:22 AM