Home Sales Fall Nearly 11 Percent in 2Q

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Existing Home Sales Fall by Nearly 11 Percent in Second Quarter, Home Prices Drop

U.S. existing home sales fell nearly 11 percent in the second quarter from last year's levels as
the residential real estate market's slump continued, an industry group said Wednesday.

The National Association of Realtors said existing homes sold at a annual rate of 5.91 million
homes in the second quarter, down from a pace of 6.63 million in the quarter a year ago.

Nationwide median home prices dropped 1.5 percent to $223,800 from $227,100 in the same
quarter last year. The median price is the point at which half the homes sold for more and half
for less.

However, the real estate agents' trade group saw encouraging price trends in many
metropolitan areas. In more than 60 percent of 149 metro areas around the country, median
prices increased from last year's levels.

The report comes comes as delinquencies among borrowers with weak, or subprime, credit
have risen dramatically over the past year, and other loans are showing weakness as well.
Lenders have dramatically tightened their borrowing standards amid fears that delinquencies will rise further.

"Although home prices are relatively flat, more metro areas are showing price gains with general improvement since bottoming-out in the fourth quarter of 2006," Lawrence Yun, NAR senior
economist, said in a statement. "Recent mortgage disruptions will hold back sales temporarily,
but the fundamental momentum clearly suggests stabilizing price trends in many local markets."

JKL

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Amigo

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BC1410

Thanks!