Home sales see slight drop in June
DIstressed sales percentage lowest since 2008
WASHINGTON (MarketWatch) — Sales of existing homes slipped in June, indicating a slight impact from rising mortgage rates but still marking the second-highest rate in about 3 ½ years, according to data released Monday.

The National Association of Realtors said June home sales, on a seasonally adjusted basis, fell 1.2% to an annual rate of 5.08 million — the second-highest rate since November 2009 — from a downwardly revised 5.14 million.

Economists polled by MarketWatch expected a 5.28 million rate after the NAR initially reported a 5.18 million rate in May. From a year ago, the level was 15.2% stronger, marking the 24th consecutive month of gains on a year-on-year basis.

An exchange-traded fund of builders, the SPDR S&P Homebuilders ETF (NAR:XHB) , was mildly negative after the news. U.S. stocks more broadly held slight gains. http://www.marketwatch.com/story/home-sales-s...2013-07-22