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New Home Sales a new Low

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posted on Jun, 23 2010 @ 11:57 AM
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New Home Sales a new Low


finance.yahoo.com

WASHINGTON (AP) -- Sales of new homes collapsed in May, sinking 33 percent to the lowest level on record as potential buyers stopped shopping for homes once they could no longer receive government tax credits.

The bleak report from the Commerce Department is the first sign of how the end of federal tax credits could weigh on the nation's housing market.

The credits expired April 30. That's when a new-home buyer would have had to sign a contract to qualify.

"We fear that the appetite to buy a home has disappeared alongside the tax credit," Paul Dales, U.S. economist with Capital Ec
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posted on Jun, 23 2010 @ 11:57 AM
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I'm sure we all know, how Bad things are in the housing Market, but how bad are they really? It seems the Government has put another band aid over a crack in a dam. This Tax Credit was only a quick fix. Home sales are a important cornerstone of our economy, along with buying a home, comes all the miscellaneous spending for said home. This drives up retail and service industry sales. The previously owned home's fell 2.2 percent in may(These Numbers I find hard to swallow) Why would anybody who could afford a home, buy a used home, when they can afford to buy a brand new one for almost the same price? Again I don't think we are getting the real numbers. like the employment number which are most likely from 19 to 25% but released as only around 10%
The Housing Market I would think is also in a lot worst shape then the numbers we are getting. Does anybody know what is really going on in the housing market?

finance.yahoo.com
(visit the link for the full news article)



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