New home sales plunged nearly 33 percent in May, according to a report from the Commerce Department.
The report released Wednesday detailed the record drop that stunned industry watchers.
Analysts had been expecting to see sales up during May but were confounded as delays in the mortgage process seem to be delaying finalized sales. Existing home sales are counted at the closing, unlike new home sales, which are counted when the contract is signed.
Existing home sales also were unexpectedly...Full Story