New-Home Sales Fall To Lowest Level On Record

Sales of new homes in Utah and much of the rest of the country dropped in May as many potential buyers stopped shopping for homes once they could no longer receive government tax credits.

Nationally, sales sunk 33 percent to the lowest level on record, according to a report from the Commerce Department. The numbers show just how much the end of federal tax credits could weigh on the nation’s housing market, even though Realtors locally and nationally point out that low prices and favorable mortgage rates still make a purchase attractive.

The credits expired April 30, the date when a new homebuyer would have had to sign a contract to qualify. Buyers must close before June 30 to complete the process.

Click Here To Read: New-Home Sales Fall To Lowest Level On Record...