Lets catch up. There was some issue over whether the Rockets had the 38th overall pick or not. According to The Houston Chronicle's Jonathan Feigen, the pick was included in the earlier trade with the Timberwolves, but the team bought it back. So there you have it, the Rockets do indeed have a second round pick.

They used the pick on Southeastern Conference Player Of The Year Chandler Parsons, a small forward from Florida who they had worked out a few different times. Parsons was projected as a late-first round pick by some sources, but made his way into the second round on the heels of it being taken over by a bunch of trades involving Minnesota. 

Parsons projects as a small forward in the NBA, and his length on the perimeter was something that likely attracted the Rockets. He's a legit 6-foot-8, and was probably Florida's best defender last year. Did the Rockets snag another Chase Budinger here?