Jun
24

Nationally, Housing Market Waffles in May

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Americans showed far less appetite to buy new homes last month after the government stopped offering a home buyer tax credit. The news signaled a renewed housing slump that threatens the broader economy.

Sales of new homes fell in May to their lowest level on record, plunging 33 percent from the month before. The bleak data followed a report earlier this week that sales of existing homes dipped, too.

The Federal Reserve, mindful of the fragility of the housing market, struck a more cautious tone Wednesday in its read on the economy. It said only that the recovery is “proceeding.” It had previously said the rebound was strengthening.

ARTICLE SHORTENED DUE TO LENGTH….

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