Bloomberg

For New Homes, No Spring Selling Boost 

The traditional spring selling boost that home builders were counting on to prop up sagging demand never materialized, likely signaling further pain ahead in the U.S housing market in the months to come. The Commerce Dept. reported Wednesday that new home purchase activity fell to a 512,000 annualized pace during May, off 2.5 percent from a revised 525,000 rate in April; the monthly sales number was the worst May sales total since 1991, when the U.S.