Sales of new single-family homes dropped nationwide yet again in May, while the Valley saw a slight uptick in sales for April.Sales fell to a seasonally-adjusted annual rate of 915,000 units last month, down 1.6 percent from April and 15.8 percent below May 2006, according to the U.S. Census Bureau.In the Valley, 3,135 new homes were sold in May, up from 2,945 in April, a report released Wednesday by analyst RL Brown shows. Still, local sales last month were down 26 percent from the month before.The national median new home price was $236,100.

Home sales slumped yet again nationwide last month, as the number of homes on the market and interest rates continued to climb.Existing-home sales dipped by 0.3 percent in May to a seasonally adjusted annual rate of 5.99 million units. That’s down from a rate of 6.01 million units the month prior, the National Association of Realtors reported Monday. The median home price also hit $223,700, down from $228,500 in May 2006.With prices still declining and inventories on the rise, it may seem like a good time to be a potential homebuyer. But, experts say, buyers still seem to be skittish for any number of reasons.The subprime mortgage market meltdown earlier this year has made it tougher for buyers, especially first-timers, to qualify for loan programs. Interest rates have also risen steadily in recent weeks. Some buyers can’t make the leap into a move-up home without first selling their old one, and others are just waiting to see if the market will fall even further.It’s anybody’s guess when buyers will jump back into the market in large numbers. But, for now, those who have the means and desire to get in have some significant negotiating power.

Nationwide, developers took out fewer building permits for single-family homes in May compared with the month before, according to the latest federal statistics.Building permits for homes were issued at a seasonally adjusted rate of 1.1 million, down 1.8 percent from April, a report released Tuesday by the Commerce Department shows. That dip isn’t surprising considering that builder confidence is at its lowest point since early 1991. New home sales are way down, as builders continue to try and rid themselves of excess inventory and feel the impact of stricter lending standards.

The bad news just keeps coming for the nation’s housing market. The National Association of Home Builders reported today that concerns over the subprime market and rising interest rates have sent builder confidence plummeting to its lowest point since February 1991.The association’s housing market index declined two points to 28 in June, as builders felt the pinch from tighter lending standards and cancellations. The stricter standards — brought about by a rapidly rising number of delinquencies — have made it toughter for many potential hombuyers to qualify for loans in recent months.Builders are also feeling the impact of a climbing number of existing homes for sale. The huge inventory puts buyers in excellent position to take their time and negotiate. Of course, that’s assuming they don’t have homes of their own to sell first.

Arizona is largely to blame for the nation’s rapidly climbing foreclosure rate, along with California, Nevada and Florida. Without those states, the number of homes entering foreclosure would have actually dropped in the first three months of the year, according to a new report from the Mortgage Bankers Association.In the first quarter 2007, 0.58 percent of all outstanding mortgage loans in the country entered foreclosure — an increase of 17 basis points from the same time last year. Some 24 states saw a decline in foreclosure starts in that time, while most others saw small increases.Analysts say, though, that rates are spiking in states, such as California and Arizona, because of heavy investor activity. Falling home prices have put many speculators, especially those with adjustable-rate loans, in precarious positions. Many can’t get enough rent to cover their costs and must compete with a record number of homes for sale on the market.Also, 4.84 percent of all outstanding loans were delinquent in the first quarter, up 43 basis points from the same period in 2006.

More than 176,000 properties across the country entered some stage of foreclosure in May, a 19 percent increase from the month before and a 90 percent spike from the same period last year. Arizona is ranked No. 6 nationwide for foreclosures with 5,918 properties entering foreclosure last month — a nearly 200 percent increase from May 2006.That’s according to a report released this week by RealtyTrac, an online marketplace for foreclosure properties.Nevada topped the firm’s list with a 375 percent jump in foreclosure activity. Colorado, California, Florida and Ohio rounded out the top five.Analysts worry that the increase in foreclosure activity during the spring when sales are typically strongest could mean even higher rates later in the year.