New home sales in Phoenix, Las Vegas and perhaps other hard-hit cities are set to plunge further...

|By:, SA News Editor

New home sales in Phoenix, Las Vegas and perhaps other hard-hit cities are set to plunge further as the homebuying tax credit expires, real estate researcher Metrostudy says. A sample of subdivisions in both cities showed sales contracts for new homes "pulled back sharply in May and contract cancellations spiked."