Posted by Yen Ho
WASHINGTON - Home prices fell in nearly nine out of every 10 U.S. cities in the fourth quarter of last year as low-cost foreclosures flooded the market and the housing market's decline spread nationwide.
The National Association of Realtors said Thursday that median sales prices of existing homes declined in 134 out of 153 metropolitan areas compared with the same period in 2007. Sales fell in all but six states.
Nationwide, the median sales price was $180,100, down 12 percent from a year ago. But price declines of 30 percent or more were found in much of California, plus parts of Michigan, Florida, Arizona and Nevada. The biggest drop, of more than 50 percent, was in Fort Myers, Fla.