Home Prices fell in the 3rd quarter

Well, this should be of little surprise to most of you but the hard stats are …

The National Association of Realtors tracks about 152 metropolitan areas throughout the US and of those, 120 had price declines in median home sale prices year-over-year (YOY).  Unit sales fell almost 8% compared to the 3rd quarter of 2007.

This was primarily caused by the sale of foreclosure and distressed properties which represented about 40% of all transactions in Q3.

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