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WASHINGTON - Sales of existing homes fell in December, closing out a horrible year for housing in which sales of single-family homes plunged by the largest amount in 25 years. The median home price dropped for the entire year, the first time that has occurred in four decades.
For the year, sales of single-family homes were down by 13 percent, the biggest drop since a 17.7 percent plunge in 1982. The median price for a single-family home dropped 1.8 percent to $217,000.
That was the first annual price decline on records going back to 1968. Lawrence Yun, the Realtors' chief economist, said it was likely that the country has not experienced a decline in housing prices for an entire year since the Great Depression of the 1930s.
Originally posted by greeneyedleo
But for some of us, this is a blessing in disguise....and I'm pretty happy about it.
We are buying a house this year. In the area that we are buying the house prices are so flippn low - its unbelievable. And there is an abudance of houses to choose from. And on top of that, our fixed interest rate will be super low.
Originally posted by frayed1
I've been seeing the signs of this for several years already.....on the street where my Dad's house sits, there are 5 to 6 empty houses, some have been for sale for 3 to 4 years now......and those few that have sold have been repossessed and are empty again!!