Bankruptcy

Sales of New Homes Hits Record Low

By mcbride

Monthly sales of new homes has fallen and is now (on an annualized basis) at a record low.  ?The Commerce Department said sales dropped a record 32.7 percent to a 300,000 unit annual rate, the lowest level since record keeping started in 1963, from a downwardly revised 446,000 units in April. The fall unwound two months of gains, which had been inspired by a government tax credit for home buyers. Prospective home owners had to sign contracts by April 30. Analysts polled by Reuters had forecast new home sales sliding to a 410,000 unit-pace from April’s previously reported 504,000 units. New home sales are measured at contract signing. A report on Tuesday showed sales of previously owned homes, which are recorded at contract closing, fell unexpectedly in May.?

 Here is a link to this article: http://finance.yahoo.com/news/May-new-home-sales-plunge-to-rb-1870401482.html?x=0&.v=1

Michael

Full post as published by Texas Lawyer Blog on June 23, 2010 (boomark / email).