- CNTV English - CCTV News

US new house trade volume slumps in May

06-24-2010 13:42 BJT

Watch Video

Play Video

May saw a big slump in the trade volume of new houses in the U.S., as the government's tax credit expired.

The U.S. Department of Commerce says the trade volume of new houses in May plunged nearly 33 percent to a historical low. The government's tax credit of up to 8,000 dollars caused a real estate revival this spring, but that appears to be now over. Sales of previously owned U.S. homes fell unexpectedly last month, but supply also dropped.

The government's tax credit clearly pulled forward demand, and it will take some time to find fresh buyers. If there is any silver lining, it's that home builders have also cut back sharply. This will help balance out the excess number of houses for sale.

Related stories

Editor:Xiong Qu |Source:

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program