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.”
