New Home Sales Plunge 33 Percent

Sales of new homes collapsed in May, sinking 33 percent to the lowest level on record as potential buyers stopped shopping for homes once they could no longer receive government tax credits. The bleak report from the Commerce Department is the first sign of how the end of federal tax credits could weigh on the nation’s housing market. http://finance.yahoo.com/news/New-home-sales-plunge-33-pct-apf-1718773153.html?x=0&.v=1