Wednesday, June 23, 2010

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.

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