Santa Fe Las Campanas Market Update

This morning’s news from NAR indicated that national May Existing Home Sales slipped 3.8% on a month-over-month basis, but the soft Existing Home Sales number was already priced into the market, so mortgage rates remain relatively unaffected by this news.  Also, on an “up” note, most analysts believe that last month’s sales pace will prove to be the low point of this year, assuming job creation improves over the next six month as expected.Investors are watching the unfolding of the Greek gov’t debt crisis, and whether or not Prime Minister George Papandreou will overcome the “no confidence” vote and support for unpopular, but necessary, austerity measures which are called for before the euro-zone countries will fund a “bail out” for the financially-strapped Greeks.  The Greek debt crisis is being compared to the fall of the House of Lehman, although it is expected that Papandreou will survive the vote.