New homes sales plummet in May

The current economic crisis began with housing and if it is likely to also end with housing, that end does not appear in site as the U.S. Department of Housing and Urban Development released its new homes sales report for May showing a drop of 33%. Analysts have attributed the major drop in new home sales in May to the expiration at the end of April of government tax credits for new home buyers. While the end of the credits where expected to negatively affect sales figures, the May drop in sales goes way beyond those estimates.

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