This news perhaps comes as no surprise to anyone who’s in the new home sales business, but for everyone else thinking that the housing market is coming out of its slump, the New York Times is today reporting:

U.S. New Home Sales Drop 33% in May, to Record Low

This heart-warming statistic comes to us from your friends at the US Commerce Department. The drop in sales is down from April – and April of course benefited from the surge of buyers working to take advantage of the home buyers tax credit. However this drop, according to the article, is the largest single drop since record-keeping began in 1963.