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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Distressed Sales Spur Feb. Jump in Existing Home Sales

Existing home sales rose 5.1 percent in February, partly thanks to sales of distressed properties, according to statistics released moments ago by the National Association of Realtors.

If that's the good news, here's the bad news: Sales of distressed properties -- which include foreclosures -- accounted for nearly half, or 45 percent, of February sales. Which means bargain hunters are pushing the market.

The median price of an existing home one year ago was $195,800. In February of this year, that number had dropped to $165,400, the second-lowest drop on record.

Overall, home prices are down about 28 percent from their 2006 peak.

The Realtors said that a nearly 10-month inventory of homes remains, which is keeping prices down.

-- Frank Ahrens
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By Frank Ahrens  |  March 23, 2009; 10:17 AM ET
Categories:  The Ticker  | Tags: Realtors, home prices  
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Comments

Government control of the USA is a disater for a Constitutional Republic.

It appears that Obama laughs at the people he is duping on 60 minutes, as the cousins in the caves applaud.

No Obama /Geither = Confidence and money from the matresses.

This is not rocket science, this is TEA PARTY revolt of Government control by a dubious (at best) occupant of the Oval office.

The people enmasse, demand their use of their own money, instead of the Government heist of American rights.

Senator Dodd should call for full disclosure, and demand that Obama's Court records be opened today.
Dodd should not fall under the Obama bus, and give away this Country to a dictatorship.

The Hill should represent the people's will.

Place President Biden, and pen out Obamanomics.

The Oval office reset name? "Not too big to fail"

The people said "No" to the bailouts and stimulous.
"No" means No.

Posted by: dottydo | March 23, 2009 11:53 AM | Report abuse

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