New Home Sales way down:
Sales of new single-family 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. April’s sales pace was revised down to 446,000 compared with 504,000 originally reported. March’s sales were also revised lower.
The results were much worse than expected, sales fell sharply in all four regions, with sales down more than 50% in the West. No Real Estate recovery yet!
