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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles U.S. Pending Homes Sales Tumble In May Email Facebook Digg Twitter Buzz Up! ShareThis July 1, 2010 12:16 p.m. EST Topics: economy, business and finance, real estate, construction and property, economy, United States Mitchell Jaworski - AHN News Reporter Washington, DC, United States (AHN) - Signed contracts to buy existing homes tumbled much more than expected in May as buyers were less motivated following the expiration of tax credits. The National Association of Realtors said Thursday pending home sales plunged 30 percent in May, compared to April, which had posted a 6 percent increase. The decline was more than double economist estimates for an 11 percent drop. “Consumers are rational and they rushed to meet the tax credit eligibility deadline in April,” said NAR Chief Economist Lawrence Yun. “The sharp decline in contract signings in May is a natural result with similar low levels of sales activity anticipated in June.” Regionally, the South posted the largest decline, down 33.3 percent in May. However, the Midwest and Northeast closely followed with a 32.1 percent and 31.6 percent decline, respectively. The West held up a bit better, but still saw a 20.9 percent drop in pending sales. All four regions posted year-over-year sales declines in excess of 10 percent. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories No Playboy Offer For Vienna Girardi Despite Her Claim Pacquiao Could Face Mayweather On Nov. 13 After Bout With Diverticulitis, Lesnar Starving To Fight Again Nets Purchase Massive Billboard Near MSG To Lure Knicks Fans Farrakhan Accuses Jews Of Hurting Blacks Research Warns Of Public Health Danger Of Reusable Shopping Bags Genetic Link May Have Been Found For Type of Hair Loss Eminem Debuts At #1 With "Recovery" On Billboard Albums Chart Kanye West, Kid Cudi, Big Sean To Release Albums On Same Day Ex-NFL Quarterback Randall Cunningham’s Son Dead In Hot Tub Accident Recent Posts Most Popular Comments Recent Comments Popular Threads Home | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat Follow AHN on Twitter AHN Social News connects you with friends and the news Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services © 2010 AHN All Rights Reserved

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