May Home Sales Fall to Lowest Level in Six Years.

    May Home Sales Fall to Lowest Level in 6 years as Tax Credit Expires   Contracts to purchase a home in New Jersey declined in May by 23% as compared to the same month last year, falling to their lowest level of the past 6 years.  Considering that contract-sales in April recorded their 2^nd highest pace on record in New Jersey, this marks a stunning reversal for the housing market raising concerns about the sustainability of the recovery that has been taking shape in the housing market and overall economy since last year.