Home Sales Plunge After Tax Credits End-Stock Market Follows

By: AP & Mike George
By: AP & Mike George

NEW YORK (AP) - Stocks are falling after new home sales dropped
33 percent to a record low last month.

The decline in sales followed the end of home buyer tax credits. The government's report that new homes sales fell to a seasonally adjusted annual pace of 300,000 was far weaker than expected.

In a story News 3 reported Monday night, home sales saw a huge dip in May following four months of increased home sales.

For example in Bryan there was only one additional home building permit in May of 2010 compared to May of 09. In College Station there were only 6 additional home building permits issued in May compared to the same time period a year ago.

The tax stimulus did have an overall positive affect on homes sales locally for the past 5 months. Some 100 more home building permits were issued compared to the first 5 months of 2009.

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