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Thursday, June 26, 2008

Housing/Subprime/Credit Roundup — June 26, 2008

Items of Interest:

Home Resales in U.S. Rose to 4.99 Million Rate in May -- Sales of previously owned homes in the U.S. rose in May from a record low, signaling depressed prices lured some buyers into the market.

Resales increased 2 percent to a 4.99 million annual rate, higher than forecast, from a 4.89 million pace in April, the National Association of Realtors said today in Washington. The median price dropped 6.3 percent from May last year.

A drop in property values may have spurred demand in some of the most distressed areas, such as California and the Midwest. Even so, rising mortgage rates, a glut of unsold homes, and stricter borrowing rules indicate the real estate recession will persist for most of the year.

``Although it looks like it's improving, the housing market still has a long period of adjustment,'' said Zach Pandl, an economist at Lehman Brothers Holdings Inc. in New York, who forecast sales would rise to a 5 million pace. ``There is still a huge imbalance'' between sales and inventories.

Economists forecast home resales would rise to a 4.95 million pace, according to the median of 72 projections in a Bloomberg News survey. Estimates ranged from 4.75 million to 5.15 million...

Blown Mortgage:
Past the Spin: Existing home sales down 15.9% from last year -- Ignore the spin folks. Existing home sales are down 31% from their peak in 2005 and nearly 16% from last year. The 2% increase in May doesn’t really tell you much, except for the fact that maybe foreclosure sales are becoming more appealing to folks...

CNN Money:
Existing home sales rise on price drop -- Sales of existing homes rose slightly more than expected in May as home buyers responded to plummeting home prices, according to an industry trade group.

The National Association of Realtors (NAR) said Thursday that the number of existing homes sold during May rose 2% to a seasonally adjusted annual rate of 4.99 million units in May from a level of 4.89 million in April.

But sales remain 16% below the 5.93 million-unit pace in May 2007, the report showed. And Thursday's report marks only the second time in 10 months that sales have increased...

The Big Picture:
Exisiting Home Sales Fall 15.9%

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia