WASHINGTON (AP) -- 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.
The credits expired April 30. That's when a new-home buyer would have had to
sign a contract to qualify.
"We fear that the appetite to buy a hom
