Existing-home sales slip again

Sales of existing homes declined 3.8% in May for the second consecutive month, to an annualized rate of 4.8 million units. Home sales (including single-family dwellings, townhouses, and condos) were down 15% from a year ago. The median existing-home price fell 4.6% to about $166,500 year over year. Every region except the West Coast experienced a decline in May; the Midwest was hit hardest (–6.4%) partly because of bad weather. Several factors, including the soft job market and tighter mortgage lending practices, continued to put pressure on sales. "Spiking gasoline prices along with widespread severe weather hurt house shopping in April, leading to soft figures for actual closings in May," said Lawrence Yun, chief economist at the National Association of Realtors. "Current housing market activity indicates a very slow pace of broader economic activity, but recent reversals in oil prices are likely to mitigate the impact going forward."  Thanks to Vanguard Market and economy

With the Drop in existing sales for May and very slow activity for June it looks like anothe few months down before we flatten out Then We wil have to take on the short sales forclosures and shadow inventory. So it looks like a long haul and that's whats keeping the buyers from purchasing they to are waiting for the bottom. Right now it's a free fall and looks like we wont know we hit untill we hear the SPLAT!!!!!