Expiry of Tax Credit Pushes New Home Sales to 47-Year Low

With the expiration of a tax credit for new home purchases, the sale of new homes fell a record 32.7 percent in May. Sales fell to an annualized rate of 300,000 units, matching a low not seen since statistics were first kept on new home sales beginning in 1963. Analysts had forecast new home sales sliding to a 410,000 unit-pace.

Source: Reuters

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.