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November Housing Sales Plummet
Matt York/AP
How bad was November’s 13.2 percent plunge in home prices? It was, says ABC News, “the largest amount on record.” The median price now sits at $181,300, down from $208,000 one year ago. Existing home sales also fell 8.6 percent in November. The largest drop came in the northeast, where sales fell 12 percent. Yesterday, Paul Krugman observed “it’s striking that the worst of the crisis is hitting states that largely didn’t experience a housing bubble.”
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Paul Krugman observed "it's striking that the worst of the crisis is hitting states that largely didn't experience a housing bubble."
Location, location, location.
My house is up 25% from 21 months ago although that figure is down 12% in the last couple of months (Marin, CA).
Given that Marin county is an area that has one of the highest housing costs in the US, not really representative of your typical neighborhood. Minimum Marin prices are 4x the national median. How applicable is that?
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