Overall nationally, housing prices (new and resale) have dropped more on a percentage basis, than during the Great Depression of the 1930s.
New-home sales are shaping up to be the worst on records dating back 50 years. A seasonally adjusted annual rate of 298,000, the Commerce Department said today. That's less than half the 700,000 that economists say represent a healthy market. Last year, 323,000 homes were sold -- the worst year on records that go back to 1963.
Although mid-priced home sales fell last month, sales actually increased in July for homes selling for more than $750,000.
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