Sales of existing homes worst since the Great Depression?

January 30, 2008 · Print This Article

From Biggest Drop in Existing Home Sales in 25 Years in the New York Times:
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.

The National Association of Realtors reported that sales of single-family homes and condominiums dropped by 2.2 percent in December to a seasonally adjusted annual rate of 4.89 million units.

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.

That 40 acres and a mule in Missouri is looking better every day…grow some tomatoes, sweet corn, milk the cow, gather eggs, just like my grandfather did 75 years ago.

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