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Weekly Comment
June 22, 2010
Home sales dip 2.2 pct despite tax credits
May home sales sink 2.2 percent fall percent despite help from federal tax credits
This is no surprise.
Alan Zibel, AP Real Estate Writer, On Tuesday June 22, 2010, 10:04 am
WASHINGTON (AP) -- Sales of previously occupied homes dipped 2.2 percent in May, suggesting that a boost from government home-buying incentives is winding down earlier than expected.
The National Association of Realtors says last month's sales fell to a seasonally adjusted annual rate of 5.66 million. April's results were revised upward to 5.79 million. Economists polled by Thomson Reuters had expected sales to rise to a rate of 6.12 million.
The federal government had boosted home sales by offering buyers tax credits of up to $8,000. The deadline to get a signed sales contract and still qualify was April 30. Buyers must close their purchases by end of this month.
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