New-home sales plunge 33% to record low in May

[Arraya]

http://www.marketwatch.com/story/new-home-sales-plunge-33-to-record-low-in-may-2010-06-23?reflink=MW_news_stmp
WASHINGTON (MarketWatch) – Sales of new homes plunged a record 33% in May to a record-low level after a federal subsidy for home buyers expired, according to data released Wednesday by the Commerce Department.

Sales dropped to a seasonally adjusted annual rate of 300,000, the lowest since records begin in 1963. Sales in March and April were also revised lower; April’s sales pace was 446,000 compared with 504,000 originally reported.

The results were much worse than expected, and economists had expected a huge 20% decline to a seasonally adjusted annual rate of 405,000. See our complete economic calendar and consensus forecast.

Sales fell sharply in all four regions, with sales down more than 50% in the West.

[jameswenn]

Unemployment and prices are still way too high relative to income.

They need another tax break for home purchases, like 18K this time.

[jameswenn]

Unemployment and prices are still way too high relative to income.

They need another tax break for home purchases, like 18K this time.

[jameswenn]

Unemployment and prices are still way too high relative to income.

They need another tax break for home purchases, like 18K this time.

[jameswenn]

Unemployment and prices are still way too high relative to income.

They need another tax break for home purchases, like 18K this time.

[jameswenn]

Unemployment and prices are still way too high relative to income.

They need another tax break for home purchases, like 18K this time.

[sdrealtor]

Thanks I didnt see that news posted anywhere else. Even CNBC ignored it.

[sdrealtor]

Thanks I didnt see that news posted anywhere else. Even CNBC ignored it.

[sdrealtor]

Thanks I didnt see that news posted anywhere else. Even CNBC ignored it.

[sdrealtor]

Thanks I didnt see that news posted anywhere else. Even CNBC ignored it.

[sdrealtor]

Thanks I didnt see that news posted anywhere else. Even CNBC ignored it.

[Arraya]

[img_assist|nid=13510|title=Need more stimulus!|desc=|link=node|align=left|width=465|height=350]

[Arraya]

[img_assist|nid=13510|title=Need more stimulus!|desc=|link=node|align=left|width=465|height=350]

[Arraya]

[img_assist|nid=13510|title=Need more stimulus!|desc=|link=node|align=left|width=465|height=350]

[Arraya]

[img_assist|nid=13510|title=Need more stimulus!|desc=|link=node|align=left|width=465|height=350]

[Author]

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