New-home sales plunge 33% to record low in May

Market Watch ^ | 6-23-10 | Rex Nutting

[RKBA Democrat]

Sales of new single-family homes plunged 33% in May to a record-low level after a federal subsidy for home buyers expired, according to data released Wednesday by the Commerce Department.

Sales dropped to a seasonally adjusted annual rate of 300,000, the lowest since records began in 1963. April's sales pace was revised down to 446,000 compared with the 504,000 originally reported. March's sales were also revised lower.

The results were much worse than expected, and economists had expected a 20% decline to a seasonally adjusted annual rate of 405,000. See complete economic calendar and consensus forecast.

[RKBA Democrat]

Note the revisions downward on previously reported data for April.

[Ancient Drive]

i CAN’T REMEMBER WHERE i READ THIS BUT THEY’RE PLAYING WITH THE NUMBERS.

[Lorianne]

Unexpected bump!

[goodnesswins]

Soooo...you think the numbers are even worse?

[ScottinVA]

Surprising. Unexpected.

[Ancient Drive]

yeah. this is BS. The media and CO are doing everything in their power to minimize the impact on O’s Presidency.

[COBOL2Java]

New-home sales plunge 33% to record low in May

[YankeeReb]

The tax credit likely pulled many sales forward into the first four months of the year. Sales increased a cumulative 29% between February and April. But once the credit expired, sales collapsed in May.

OK, I have a simple question for all the progressives. If Obama's tax increases will not cause the economy to crash next year, then why give tax credits in order to spur housing sales? It seems like the regime's party line is inconsistent here.

[Psycho_Bunny]

“seasonally adjusted annual rate”....i.e: Playing with the numbers.

[Psycho_Bunny]

"worse than expected"

DRINK!!!!!!!!!!!!!!!!!!!!!!!!!!!

[henkster]

“Surprising. Unexpected.”

Drink!!!

The liver is a muscle and with all this drinking it’s getting an “unexpected” workout. Go ahead, tap on it. See? Hard as a rock!

[musicman]

[Gabrial]

No Job = No Money = No House

Too bad Harvard graduates can't understand this.

[massmike]

[norraad]

Just another industry for the Obamanazi’s to take over & create the zero energy house modules for us like they have in Germany!

[RetroSexual]

[blam]

New Home Sales Suffer Enormous Collapse

[applpie]

i got another one for you.
good job + no house = big taxes and NO money. :-)

[Ronbo1948]

Yes - about as SURPRISING as the coming economic collapse planned and executed by the Communist Obama Regime to end capitalism in the world.

No doubt the inevitable civil war to overthrow Obama will come as a COMPLETE SURPRISE to the Lamestream Media, as will their destruction at the hands of angry revolutionists fed up with lying Leftard propaganda.

[Doogle]

Odumbo always messes with numbers, ask him about his six social security cards.