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.


Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, Trolling or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to comments@kbtx.com. Please provide detailed information.

powered by Disqus
KBTX-TV Channel 3 4141 E. 29th Street Bryan, TX 77802 Phone: (979) 846-7777 Fax: (979) 846-1490 News Fax: (979) 846-1888
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 96980049 - kbtx.com/a?a=96980049
Gray Television, Inc.