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

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