Friday, June 25, 2010

Home sales continue to bomb

Using sex to inflate tire sales
Approximately 180,000 home buyers who signed a contract in good faith to receive the tax credit may not be able to finalize by the end of June due to delays in the mortgage process, particularly for short sales.

by Broderick Perkins
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Deadline Newsroom - With the housing market a cornerstone of the economy, the economy is standing on shaky ground and record low mortgage rates aren't helping shore things up.

From April to May this year, new-home sales crashed nearly 33 percent, tumbling to a record low annual sales pace of 300,000 homes, according to the Commerce Department this week.

In May this year, new home sales were down 18.3 percent from May 2009.

Sales of previously owned homes also fell, by 2.2 percent from April to May, the National Association of Realtors also reported this week.

Fortunately, year-over-year existing home sales were up more than 19 percent, NAR reported.

"We are witnessing the ongoing effects of the home buyer tax credit, which we'll also see in June real estate closings," said Lawrence Yun, NAR chief economist.

Get the full story here: Home sales continue to bomb

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

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