It should come to no surprise to anyone that home sales were down in May. The new homebuyer credit went out of effect as of April 30th. We saw many clients that accelerated purchases to take advantage of the $8,000 tax subsidy.
New-home sales dropped to record low in May as tax credit faded. Single-family home sales fell to the lowest level in at least four decades, according to the Commerce Department. The report indicates that the economic recovery might be losing steam, although few analysts expect the economy to suffer a double-dip recession. See Reuters (6/24)
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