Today, the U.S. Census Department released its monthly New Residential Home Sales Report for May showing significant revisions to prior months as well as an epic decline in sales coming in the wake of the expiration of the governments housing tax scam.The low for this series is now firmly set far below any momentary pause caused by the government's unprecedented and irresponsible foray into housing market manipulation with the annualized sales pace reaching the lowest point in the over 40 years that data has been tracked.
New single family home sales collapsed 32.74% since April and 18.26% since May 2009 while the monthly supply jumped to 8.5 months and the median months for sale went flat at 14.2 months.
The following charts show the extent of sales decline (click for full-larger version)
