Real estate news update: 7-02

A daily dose of headlines for real estate agents, mortgage lenders and consumers.

Mortgage rates drop to a new low Washington Post: Thats down from the previous record of 4.69 percent set last week and the lowest since the Fannie Mae began keeping records in 1971.	Home price data very misleading Real Estate Consulting: Executive decision makers want to know whether prices are trending up or down. When forced to answer, we say most home prices are reverting to 2003 prices.
Jobless rates drop in two-thirds of metros CNBC: Unemployment rates in roughly two-thirds of the nations largest metropolitan areas dipped in May as the gradual economic recovery spurred some hiring.	Demand for homebuying near 13-year low MSNBC: The U.S. housing market continued to deflate after a spring sales spree, fueled by now-expired federal tax credits of up to $8,000, robbed from summer home buying.
Mortgage applications on the rise Forbes: Overall applications increased nearly 9 percent from a week earlier, but growth in borrowing came from applications to refinance home loans and not to make new purchases.	Lockheed Martin extends stay in SE DC CoStar Group: Lockheed Martin renewed its lease at 300 M St. SE. The defense contractor, which has occupied 73,808 square feet in the building since 2001, signed for another five years.

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