Another ugly housing report:

Sales of existing homes in the U.S. fell more than forecast last month, a sign that residential real estate remains mired in its worst recession in 16 years. Purchases declined 3.8 percent to an annual rate of 5.75 million, the slowest pace since November 2002, from a revised 5.98 million in May, the National Association of Realtors said today in Washington. At the same time, the supply of homes for sale dropped for the first time this year and the median price rose for the first time in 11 months.

Prices were essentially flat, which by itself doesn't mean a lot given it is only one month, but the inventory not rising is modest good news.