November Home Sales and Prices in Deep Plunge

According to cnnmoney.com, the number of home starts in November dropped 8.6% even when home prices are dropping at a record rate.

“Lawrence Yun, the Realtors’ chief economist said that price drop was the largest the Realtors had ever recorded and probably the worst decline since the Great Depression.”

Other points of interest:
- There are 4.2 million unsold homes on the market. That represents a 11 month supply.
- Existing home sales are at 1997 levels
- In Nov. the median existing home sold for $181,300 or down 13.2% from a year ago.

Read the full article here.

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