The stock market was mostly flat this morning, as the National Association of Realtors reported that resales of existing U.S. homes and condominiums fell 2.2 percent to a seasonally adjusted annual rate of 5.66 million in May, despite a boost from a federal tax credit for homebuyers.
Lawrence Yun, NAR chief economist, said, "We are witnessing the ongoing effects of the home buyer tax credit, which we'll also see in June real estate closings. However, approximately 180,000 home buyers who signed a contract in good faith to receive the tax credit may not be able to finalize by the end of June due to delays in the mortgage process, particularly for short sales. In addition, many potential sales are being delayed by an interruption in the National Flood Insurance Program. Florida and Louisiana, also impacted by the oil spill, have the highest percentage of homes that require flood insurance."
The largest local gainers in the BizTimes Stock Index this morning were Bucyrus International Inc. (up $1.33 to $51.40) and Joy Global Inc. (up $1.22 to $57.20). The largest local decliners this morning were Strattec Security Corp. (down 98 cents to $22.01) and Harley-Davidson Inc. (down 58 cents to $25.68).
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