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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap US new-home sales plunge to record low in May AFP - Thursday, June 24 Send IM Story Print US new-home sales plunge to record low in May WASHINGTON (AFP) - – Sales of new one-family homes in the United States plunged to a record low in May, government data showed Wednesday, after the expiration of a homebuyer tax credit. The Commerce Department said sales dropped 32.7 percent from April to a seasonally adjusted annual rate of 300,000. The pace was the slowest since the creation of the data series in January 1963. And it was well below a drop to 430,000 expected by most analysts after the end of a federal tax incentive aimed at underpinning the embattled housing market as the economy struggles to recover from the worst recession in decades. "The payback effects following expiration of tax incentives were much more severe than anticipated," analysts at Societe Generale said in a note to clients. "Housing data will likely remain soft in the coming months, and will add to concerns about the US recovery." Andres Carbacho-Burgos at Moody's Economy.com noted that in addition to the tax-credit factor, a weaker-than-expected job market recovery and concerns about household finances may also have been at play. "This decline may indicate that potential homebuyers still believe their finances are fragile and may need extra help from the government. Also, the May labor market numbers, while not disastrous, point to the US having a slower economic recovery than hoped for by optimists," he said. President Barack Obama's administration on Wednesday announced it had released 1.5 billion dollars in foreclosure-preventing funding to five states hit hardest by the housing crisis: Arizona, California, Florida, Michigan and Nevada. "While we've made important progress stabilizing the housing market and keeping responsible families in their homes, the Obama administration will continue to do everything it can to help those who are struggling the most during this difficult time," Herbert Allison, Treasury assistant secretary for financial stability, said in a statement. New-home sales had surged in previous months ahead of the tax incentive's April 30 deadline for first-time and certain existing homebuyers to sign contracts. Under the program, transactions must be completed by June 30. The Commerce Department revised lower its original estimates for February, March and April. The grim housing data was in line with the unexpectedly weak May existing-home sales reported on Tuesday by the National Association of Realtors. New-home sales are measured at contract signing, while existing-home sales are captured at the settlement. Prices of new-homes sold dropped for the second consecutive month in May. The median price fell 1.0 percent to 202,900 dollars, the lowest level since December 2003. The supply of new homes for sale at the end of May was 213,000, representing an 8.5-month supply at the current sales pace. In April the pace was 5.8 months, with 214,000 homes on the market. Barclays Capital analyst Theresa Chen pointed out that the underlying level of demand will not become apparent until the distortionary effects from the tax credit fade. "We expect new home sales to bottom over the next couple of months and to return to a gradual upward trend thereafter," she said. Recommend Send IM Story Print News Search Top Stories Oil gushes unchecked after BP submarine accident Fed holds low rates, cites worse financial conditions Belarus says Russia gas debt paid, threatens transit cut Fed holds low rates, says economic recovery continues US new-home sales plunge to record low in May More Top Stories » ADVERTISEMENT Most Popular Most Viewed Aussie men shoot each other in buttocks 'to see if it hurts' Michael Jackson's death triggers billion dollar bonanza France's richest woman moves to defuse scandal Taxes up, spending cut in Britain's 'bloodbath' budget Prince Albert of Monaco announces engagement More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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