Mass. home prices slide in March

The Boston Globe reports:

Prices for Massachusetts single-family homes plunged nearly 11 percent last month, the biggest slide since the depths of the real estate downturn in the early 1990s.

The Warren Group, in its monthly report released today, said that the number of sales dropped 32 percent in March, to 2,637 homes, as the median sales price for a single-family home declined 10.6 percent to $304,000 from $340,000 in March 2007.

"The Bay State's housing market is looking a lot like it did at the end of 1990," said Timothy Warren Jr., chief executive of the Warren Group, a Boston real estate research and publishing firm.

The last time house prices fell this much in Massachusetts was an 11 percent slide in December 1990, he said.

"It might be awhile before we pull out of the current housing slump," he added.

But,The National Association of Realtors (a couple of years ago)said this wouldn't happen.I guess they were wrong.