By Rand Paul
Obama acts as though we no longer have a Constitution
Independent voices from the TWT Communities
Sales of existing homes plummeted 27.2 percent to a 15-year low last month despite record-low mortgage rates, shocking markets and heightening worries that housing's steep slide will drag the rest of the economy back into recession.
Sales of existing homes fell for a fourth straight month in June, and even a small increase in home prices was not enough to lift the gloom surrounding the housing industry.
Mr. Yun said he expects the median price to stay in that range for some time to come.
"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," said NAR senior economist Lawrence Yun. "Recent disruptions will hold back sales temporarily, but the fundamental momentum clearly suggests stabilizing price trends in many local markets."