According to data from the National Association of Realtors, home resales fell 5.1 percent in June from May reflecting the lingering impact of the Federal tax credit expiring in April. But the data includes some positive news for home sellers. According to the Federal Housing Finance Agency house price index, median existing-home prices rose .5% in May following a.9% jump in April marking the fourth straight month of home price appreciation.

While the homebuying market has been hard to predict and the results have been mixed, one very positive trend
is low mortgage rates. Thirty-year mortgage rates are at
all time lows and Freddie Mac is forecasting 30 year-rates below 5% for some time in the future. Analysts believe that low mortgage rates should drive home purchases in the third quarter.