current housing market status ... 06 25 2007

In the day's major economic release, the National Association of Realtors said home resales fell 0.3% in May from April's pace. The median home price was $223,700, down 2.1% from a year ago; the inventory of homes for sale rose to a 15-year high. The news was hardly a shock to Wall Street, which long ago became inured to bad housing numbers.