New-home sales plunge 33% with tax credits gone
By Alan Zibel, Associated Press, June 23, 2010
WASHINGTON — Sales of new homes collapsed in May, sinking 33% 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 expiration of federal tax credits could affect the nations housing market.
May home sales unexpectedly fall 2.2 percent
Boost from government incentives appears to be winding down
By Alan Zibel, Associated Press, June 22, 2010
WASHINGTON - The housing market may be on the verge of taking another plunge that could weaken the broader economic recovery.
Sales of previously occupied homes are dipping even though buyers can still benefit from government tax credits.
Prisoners cashed in on homebuyer tax credit
BY Aaron Smith, CNN, June 23, 2010
NEW YORK (CNNMoney.com) -- More than 1,200 prison inmates, including 241 serving life sentences, defrauded the government of $9.1 million in tax credits reserved for first-time homebuyers, according to a Treasury Department report released Wednesday.
Treasury inspector general also found that thousands of people filed multiple claims or made claims outside the allotted time period.
