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Morning Mortgage Meltdown: Double Whammy Edition

1) Long story short, home prices are down and resales are up by 2 percent in the West. Median home prices dropped to $203,600 last month from $222,700 in May of 2007, a 6.3 percent drop. Resales are up to 4.99 million annually. Econ 101: The drop in home values has most likely increased demand in especially hard hit areas, such as this very state.
2) 'Twas only a matter of time— the housing relief package that looked as though it might actually move forward despite Bush's protests has stalled out in the Senate. The beef: one Republican senator now has put the c@ck block on the legislation, refusing to ratify the legislation until provides tax breaks for renewable energy. Brother has obviously been hitting the Scotch with Gavin, no? (And the bill is likely to pass after July's vote, according to word on the Senate floor.)
· Home Resales in U.S. Rose to 4.99 Million Rate in May [Bloomberg]
· Housing legislation stalls in U.S. Senate [UPI]