New home sales plummet to record low

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OLBERTMAN

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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..
 
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.
 
OKAY THEN BECAUSE IT'S CRITICAL WE SPREAD ONLY ACCURATE INFORMATION ON THE OFF TOPIC Drabroad
COM
 
only on rabroad
would that be considered poor people. It's the majority of the US population that qualifies
 
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