Existing Homes Hit April 2002 Levels: Median Price is $156,100

The San Jose Mercury reports:

Nearly 40 percent of the sales last month were either foreclosures or short sales, when the seller accepts less than they owe on the mortgage.

One-third of all sales were purchased in cash -- twice the rate from a year ago. In troubled housing markets such as Las Vegas and Miami, cash deals represent about half of sales.

The median sales price fell 5.2 percent to $156,100, the lowest level since April 2002.

This means the median buyer hasn't been "building equity" like the real estate lobby promised.