In a healthy economy, people buy roughly 6 million homes per year.

Sales of pervious occupied homes fell in June for a third straight month for a seasonally adjusted 4.77 million. The pace is lagging behind the 4.91 million homes sold last year – THE FEWEST SINCE 1997.

New home sales also declined in June and are trailing last year sales, which were the worst on records dating back nearly ½ century.

On the up side:

The average rate on a 15-20-30 year fixed mortgage has fallen to its lowest level in decades.