Homes see first annual price drop on record

Source: CNN

NEW YORK (CNNMoney.com) -- Prices of homes sold in December registered the biggest year-over-year decline on record, according to a report from an industry trade group, and 2007 is the first year on record that has seen a drop.

The National Association of Realtors (NAR) said on Thursday that the median price of homes sold in December fell nearly 6 percent from a year earlier to $208,400. The three biggest declines in prices ever recorded have now come in the last four months.

In addition to the December price decline, NAR reported the median price for all homes sold in 2007 fell 1.3 percent to $218,900, the first time that the annual price reading has shown a decline since the group started tracking that measure in 1968.

"What we saw in December was a rough month to cap off a rough year," said Mike Larson, real estate analyst with Weiss Research. "There wasn't much holiday cheer."

Read more: http://money.cnn.com/2008/01/24/news/economy/housing_prices/index.htm

How's that "Legacy" lookin' now?

You're going to leave office just like your Daddy did:

- Failed Presidency
- Economy in recession
- Failed war (Two for you, goodie!)

Like Father, like Son.

We need to salt the ground around D.C. after you leave to make sure no Bush ever comes back!

....having to pay high fuel and health insurance costs it would be the perfect time to buy.

Prices came down 20% in Sacramento, where I live. This is good news for those who cannot afford a home with the extreme price inflation since 2000.

I know the bottom cannot be predicted but I think this is just the beginning.....

While you were wrestling with steroids, corporate giveaways and rubber-stamping the goddamned occupation of Iraq, this is what has been happening outside your gated communities.

And congratulations, America! While you were debating the merits of various American Idol contestants, you forgot to vote on more important issues.