Real Estate Prices Drop as Sales Increase

Southern California reports some interesting news in July real estate numbers. Massive reduction in median home prices (31%+) boosted home sales by 16%. But the interesting part is the fact that 44% of all sales were for foreclosed properties. When you put this into human terms, we're talking about a huge number of families in trouble. The social costs of the real estate meltdown will be felt for years to come.

clipped from news.yahoo.com The median price for all homes and condo sales — including new and existing models — dropped to $348,000 in the six-county region last month, down from the market peak of $505,000 in July 2007 and down slightly from $355,000 in June, MDA DataQuick said. Foreclosures accounted for 43.6 percent of all resold properties last month, up from 7.9 percent in July 2007 and a revised 41.8 percent in June.