Quote of the day: No sales but lots of nerves following tax credit expiration

From Reuters:

We are getting a little nervous.

– Economist David Sloan, on a record plunge in new home sales in May, likely due to the expiration of federal homebuyer tax credits on April 30.

Not only did the Commerce Department record an annual rate of just 300,000 sales — well below the 410,000 predicted by analysts, and almost 33 percent down year-over-year — but it also revised down its April and March numbers to 446,000 and 389,000 respectively, meaning “the lift from the tax credit was less than we previously realized,” Sloan says.