June 23, 2010; New Homes Sales Drop To Record Low In MayAccording to government figures just released new home sales dropped to a record low in May. The Commerce Department figures showed that new single family homes sold at a seasonally adjusted rate of 300,000 in May, down 32.7% from April. Furthermore, new home sales rates were down 18.3% from May 2009. From what I have heard, it was expected that new home sales would drop in May, although not as much as they did.
Also, today the Federal Reserve has decided to keep short term interest rates near zero for “an extended period”. This is good news for the real estate market, with mortgage rates still at or near historical lows. The 30 year fixed rate mortgage is now at 4.75%.
On a side note, the United States beat Algeria 1-0, and has advanced to the second round of the World Cup.
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