“Sales of existing homes declined 8.6% last month, to a seasonally adjusted rate of 4.49 million, according to the National Assn. of Realtors. The median price of a home plunged 13% from October to November, to $181,300 from $208,000 a year ago. That was the lowest price since February 2004 …
The Commerce Department also reported that new home sales dropped to a seasonally adjusted annual rate of 407,000 in November, from a downwardly revised rate of 419,000 in October.
Housing values have plummeted since the peak of the market in July 2006, when the median home price in America was $230,200.
The Commerce Department said that the median price of a new home sold in November was $220,400, down 11.5% from the period a year ago. It was the biggest year-over-year price decline since a 12.7% drop in March.
The capper on those existing home sales figures: 45% of all were distressed or foreclosure related. And it isn’t nearly over yet.”
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My comment is:
Does this information make you believe that now is a good time to buy?
