Home Sales Down As Tax Incentive Ends Jun 25, 2010

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Sales of new homes reported by the U.S. Commerce Department were down in May to a seasonally adjusted annual rate of 300,000 homes. The rate is 32.7% below the revised April rate of 446,000 and 18.3% below May 2009's estimated 367,000.

A significant May decline was expected after the April 30 deadline for new home buyers to get federal tax credits. Softer sales have been projected by industry watchers in the months following the end of the tax incentive.

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