Tuesday, March 25, 2008

Home Prices Plunge a Record Breaking 8.2%

The National Association of Realtors recently reported the median price of homes sold during the month fell 8.2% to $195,900 from $213,500 a year earlier - the largest year-over-year price drop on record. Before the start of the current housing slump, it had been 11 years since prices declined, when compared with the same period a year earlier. Read the full artice at CNNMoney.com.

Although home sales rose modestly nationwide, home sales still declined in the Western region of the United States. The NAR and housing experts still try to paint a hopeful picture, but as lending practices tighten and foreclosures increase along with rising gas and food prices combined with a weak dollar, I think we haven't seen the worst of it yet. Hold on to your hats, we are in for a bumpy ride.

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