Wednesday, June 23, 2010

Housing market collapses after tax credit expires

Given the size of the US population now (307 million) vs the population in 1963 (189 million),  these numbers are even more staggering. 

Sales of US new Homes sales plunge to lowest level on record--Bloomberg

"Purchases of U.S. new homes fell in May to the lowest level on record after a tax credit expired, showing the market remains dependent on government support.

Sales collapsed an unprecedented 33 percent from April to an annual pace of 300,000, less than the median estimate of economists surveyed by Bloomberg News and the fewest in data going back to 1963, figures from the Commerce Department showed today in Washington."

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