All you have to do is click on any news aggregrator to see the new median home price for resales is $181,300 and new homes, median price is $220,400. Still not really affordable for your average U.S. median income, but a huge improvement.
That said, Bloomberg has the real story on this latest report. The rate at which prices are falling is a steep, steep decline. In fact, it's freefall.
Sales of single-family houses in the U.S. dropped in November by the most in two decades and resale prices collapsed at a pace reminiscent of the Great Depression, dashing speculation the market was close to a bottom.
Purchases of both new and existing houses dropped 7.6 percent, the biggest decline since January 1989, to an annual rate of 4.43 million, government and industry figures showed today. A 13 percent drop in the median resale price was the most since records began in 1968 and was likely the largest since the 1930s, the National Association of Realtors said.
“Housing is still in a freefall,” said Nariman Behravesh, chief economist at IHS Global Insight in Lexington, Massachusetts.
Yet in the midst of this we have credit card companies getting the bail out.
Homeowners getting a bail out with their own pool of money? Not on your life.