The National Association of Realtors reports pending home sales fell 0.8% in May to 108.5, for the third straight monthly decline. It’s down 1.7% compared to a year ago. No region increased and sales were off 1.3% here in the West. According to economist Lawrence Yun: “Buyer interest is solid, but there is just not enough supply to satisfy demand,” and “prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.”
In Illinois, today’s Powerball drawing could be the last for a while. The budget stalemate under a Republican governor and Democratic legislature could enter a third year if there’s no agreement by July 1. The state’s credit rating could be downgraded to junk. Leaders met this week behind closed doors for the first time since December to try to hammer out an agreement. Powerball could be suspended after June 28 and Mega Millions after June 30. Illinois-only games will continue to sell tickets but players with claims of more than $25,000 in winnings will experience a delay in payments because of the ongoing budget impasse in Springfield.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
