New Home Sales Plunge

Except for government manipulated buying, the housing market is very weak. Pull the government manipulation and there is little buying.

Sales of new single-family houses were 32.7 percent below the revised April 2010 rate and 18.3 percent below the rate in May 2009.

The actual sales rate, a 300,000 unit annual rate, was the lowest since 1963.

The drop in sales in May unwound two months of gains that were manipulated upward by various government home buyer programs.