Published: Wednesday, Jul. 21, 2010 – 12:00 am | Page 8B
In a further sign of troubles in the real estate market, California new home sales fell 46 percent in May compared with a year ago, the California Building Industry Association said Tuesday.
The drop in greater Sacramento was 51 percent, the association said. Its figures are compiled in cooperation with Hanley Wood Market Intelligence.
The report came out the same day that the U.S. Commerce Department said nationwide home construction fell 5 percent in June compared with May.
Analysts say business has been hurt by the expiration April 30 of federal tax credits for first-time homebuyers.
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