CNN: Record drop for home prices (prices sink 2.2 percent.)

[stopbush]

Remember - the economy is doin' great. Vote Republic!


Record drop for home prices
Sales of existing homes fall for sixth straight month, prices sink 2.2 percent.
October 25 2006: 11:15 AM EDT

NEW YORK (CNNMoney.com) -- Home prices posted their biggest drop on record in September while sales fell for the sixth month in a row, a real estate group said Wednesday - the latest signs that the housing market is still weakening.

The National Association of Realtors said sales of existing homes fell to an annual pace of 6.18 million last month from 6.3 million in August, marking the sixth straight monthly decline in sales.

The median price of a home sold in September fell 2.2 percent to $220,000 from $225,000 a year ago. It was the biggest year-over-year drop since the record 2.1 percent decline recorded in November 1990, when the nation was in recession.

http://money.cnn.com/2006/10/25/news/economy/homesales/index.htm?cnn=yes

[yourout]

1. It isn't any were near the bottom yet........I see a flat/declining ...

housing market for a while.

[Tierra_y_Libertad]

2. Our house dropped in value $7,000 in the last week.

About $17,000 in the last 2 months. According to Zillow.com http://www.zillow.com/ which has proven pretty accurate according to the sales around us. It had more than doubled in value in the last couple of years from around $200,000 to $430,000. Now at $411,000.

It has no effect, as far as we're concerned, because we plan to stay here - other than lowering our property taxes. But, our neighbors who bought the new McMansions behind us last year must be a tad upset.