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New homes sales plummet in May
DANIEL P. COLLINS
Published 6/23/2010
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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.
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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