Sales of previously occupied homes dip 2.2 percent despite help from federal tax credits
Alan Zibel, AP Real Estate Writer, On Tuesday June 22, 2010, 3:38 pm EDT
WASHINGTON (AP) — The housing market may be on the verge of taking another plunge that could weaken the broader economic recovery.
Sales of previously occupied homes dipped in May, even though buyers could receive government tax credits. And nearly a third of sales in May were from foreclosures or other distressed properties. That means home prices could soon be heading down after stabilizing over the past year.