Nationally the Existing Home Sales Rose 2.4% in May to a $4.77 million up from $4.66 million in April; the median home price declined 16.8% from last year to $173,000 in May

Distressed properties which declined to 33 % of all sales in May from 45 % in April continue to downwardly affect the median home price because they generally sell at a discount relative to traditional homes. While this figure is still higher than the norm the figure is lower than the 45%-to-50% range Buyers and [...]