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Economic lookouts examine trends in housing market

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Housing prices dropping
A house in North Aurora, Illinois is listed with a new reduced price on June 24, 2008. Numbers on June sales of existing homes will be released today.
Photo by Jeff Haynes/Getty Images

Later this morning the National Association of Realtors will report sales of existing homes in June. The report is expected to show another decline in home sales.

Tomorrow the government will provide numbers on new home sales.

Minnesota Public Radio has selected a group of people from around Minnesota to give us a first-hand perspective on the effects of the economic slowdown. Called our economic lookouts, we will be checking in periodically with this group over the coming months.

Cathy Wurzer talked with two of our economic lookouts: Joel Mugge, a realtor in Minneapolis, adn Ralph Awad, an engineer who also rents out several properties around the Twin Cities.

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Housing prices dropping
A house in North Aurora, Illinois is listed with a new reduced price on June 24, 2008. Numbers on June sales of existing homes will be released today.
Photo by Jeff Haynes/Getty Images