Sales of new homes takes a dive

New Homes sales plunge May 2010New single family homes dropped 32.7 percent. That is the largest monthly drop since the government started tracking sales in 1963.

It is blamed on the ending of the tax credit for new first time buyers. Of course that just means potential sales were pulled into prior months (see March and April). That is being kind. A more cynical interpretation is that the economy can only function with massive subsidies. The latter means we are really screwed!

From The Washington Post.

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