Thursday, January 22, 2009

Home sales soar as foreclosures drive down prices

The San Francisco Chronicle reports:
The median for existing single-family homes in the nine-county region sold in December was $330,000, down 46.8 percent from a year ago, according to research firm MDA DataQuick of San Diego. For all homes, including condos and new homes, the median was also $330,000, down 46.8 percent. That was the lowest median since March 2000 and about half of the $665,000 peak reached in June and July 2007.
Even the 20% down payment model doesn't seem to work,all the time.