Monday, June 28, 2010

New home sales plummet in May

Federal Tax Credits came to an end April 30th. Part of the fallout - new home sales plummeted a whopping 32.7 percent from April according to the Commerce Department.

The annualized sales rate of 300,000 homes is the lowest since the Commerce Dept starting tracking data in 1963.

The Mortgage Bankers Association indicates a lack of buyers - actually 6% less than the previous week.

Loan modificatins made payments more affordable allowing them to pay their mortgage payments on time.

The Associatin of Home Builders beieves the improving economy will be a strong incentive for home buyers to return to the market. Let's watch the June numbers.

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