D.C. Housing Prices Melt Down

David Bernstein reports:

I've seen many, many, articles on the unraveling housing bubble, but few that give readers an idea of just how much and how quickly prices have come down. So let's take my own home market, the D.C. metro area, which of late is one of the worst performing regional markets. According to the Housing Tracker website, at the top of the market, in August '05, the asking price for the 75th percentile home was 700K. Currently, two years later, the asking price is 579K, or about a 17% decline.

No word yet from Fannie Mae on this one.