Tuesday, September 26, 2006

Home prices: 1st drop in 11 years

Now this really Hacks me off.... Another example of the media putting a spin on the data... because bad news sells. The median price went down... because fewer high end homes sold. The market has slowed... there is more inventory... but the only reason there aren't more buyers... is this type of self fulfilling prophecy!

Here's the Article...

Sales slow, prices hit by second biggest year-over-year drop on record; surge of homes for sale seen keeping prices weak.

By Chris Isidore, CNNMoney.com senior writer
September 25 2006: 1:41 PM EDT

NEW YORK (CNNMoney.com) -- Home sales slowed and a key measure of prices fell for the first time in 11 years last month, spurred by the biggest glut of new homes on the market in more than a decade, an industry group said Monday.
The National Association of Realtors report on existing home sales showed that the median home price in August was $225,000, down 1.7 percent from a year earlier.
Read the entire article

Care to see what really happened in San Diego in August... Here's an excellent unbiased analysis of the San Diego Market as of September 1, 2006...

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