According to the latest numbers, we still haven’t hit bottom:
Home sales dropped and prices plunged again in October, an indication that the pain currently pulsing through the housing market is not likely to abate soon.
Sales of previously owned homes fell 3.1 percent for the month to an annual rate of 4.98 million, according to the National Association of Realtors, a private trade group. Of the homes that did find buyers in October, nearly half were the result of a sale after a foreclosure.
That trend helped reduce home values at their fastest annual rate since the Realtors began keeping records in 1968. The nationwide median price of a home was $183,300 last month, down 11.3 percent from October 2007.
“Many potential home buyers appear to have withdrawn from the market due to the stock market collapse and deteriorating economic conditions,” said Lawrence Yun, chief economist of the Realtors.
This one isn’t over, folks.
