Existing home sales hit decade low

Existing home sales hit their lowest levels in a decade while price declines offered little to help stem the fall. Median home prices fell nearly 10%. Of course the biggest losses were seen in bubble areas such as inland California, Florida and Las Vegas. From Bloomberg on the losses: Existing U.S. home sales fell to a 10-year low in the second quarter and the median price for a single-family house dropped 7.6 percent as the real estate recession deepened. The median price tumbled to $206,500 from $223,500 a year earlier, the Chicago-based National Association of Realtors said today. Sales of single-family houses and condominiums fell 16 percent to 4.913 million at an annualized pace. Prices are declining with the U.S. on the brink of a recession, consumer prices rising and 30-year fix