New home sales plummet to record low

[OLBERTMAN]

http://money.cnn.com/2010/06/23/real_estate/new_home_sales/index.htm

New home sales plummeted to a record low in May, the first month following the expiration of the homebuyer tax credit, snapping a two-month streak of increases.

New home sales declined 32.7% to a seasonally adjusted rate of 300,000 last month, down from an downwardly revised 446,000 in April, the Commerce Department reported Wednesday. Sales year-over-year were down 18.3%.


Home sales surged in March and April and 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.






Entice people who probably shouldn't buy a house with 8k.... destroy the rest of the summer buying season..

 

[losbastardos]

OKAY THEN BECAUSE IT'S CRITICAL WE SPREAD ONLY ACCURATE INFORMATION ON THE OFF TOPIC Drabroad
COM

 

[Method]

yes..you need to have the down payment, but you still need to prove you have will money in the bank after the down payment.

 

[nuclear]

Because everyone who grabroad
the tax credit couldn't afford a house.

 

[losbastardos]

umm nrabroad
rly

 

[borborygmus]

if by "weak" you mean "non existent" then I absolutely agree with you

 

[autox]

only on rabroad
would that be considered poor people. It's the majority of the US population that qualifies

 

[autox]

GOV'T REPORT: 1,300 Inmates Grabroad
$9M in Homebuyer Tax Credits...

 

[fapulous]

Like I didn't see this happening.

 

[Method]

in 2007 sure....things may have changed a bit since then.

 

[Fuddy]

where are you getting your data? or are you just trying to sound witty?

 

[rl_lurker]

some snrabroad
nose 22 year old engineering graduate with a 328i lease shouldnt be lured into buying a house