New-Home Sales Hit Bottom Following Tax Credit Expiration

piration of the federal home buyer tax credit in April led to plummeting new-home sales in May. According to data released Wednesday by the U.S. Commerce Department, new-home sales fell to a record low last month, dropping nearly 33% from April to a seasonally adjusted annual rate of 300,000 homes. The department began tracking new-home sales more than 40 years ago. SOURCE: [link=]U.S. Commerce Department


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