End of Home Buyer's Credit Spells Doom for Housing Sales

The month of May was a record-breaking disappointment for the residential real estate market after potential buyers, no longer buoyed by a generous federal tax credit for home sales, held off on purchases. This morning the Commerce Department reported sales of newly built homes fell by almost a third during May, confounding analyst expectations and dropping to a record low level. Sales of new homes have never been slower since the government started measuring in 1963 and that's put home...Full Story
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