New home sales plummet to all time low-CNN ('Surprisingly')

• 6/23, CNN: "New home sales plummeted to a record low in May,

the first month following the expiration of the homebuyer tax credit. This snapped a two-month streak of gains."...

• (Two months is a 'STREAK'?)
  

(continuing, CNN): "New home sales declined 32.7% to a seasonally adjusted annual rate of 300,000 last month, down from an downwardly revised 446,000 in April, the Commerce Department reported Wednesday. Sales year-over-year fell 18.3%.

• This is the slowest sales pace since the Commerce Department began tracking data in 1963.
  

The prior record was set in September 1981, when new homes sold at an annual rate of 338,000.

• "We expected a slowdown, but the extent of this decline was a surprise," said Anika Khan, an economist at Wells Fargo. The figure was even worse than her relatively pessimistic forecast of an annual rate of 380,000 in May.

A consensus of economists surveyed by Briefing.com had expected May sales to slide to an annual rate of 430,000."...

• "New home sales plummet to record low in May," CNN, graph from CNN

6/23, CNN, Nearly $30 million in fraud against taxpayers slips through government hands just on the recent new homebuyer credit program.