Baltimore HUD Homes News

The real estate analyst reported Dec. 15 that the median price of all homes sold fell nearly 6 percent from October to November, dipping to a 6-1/2 year low to $305,000. That’s off more than 30 percent from the November 2007 median price of $440,000 and more than 41 percent from the market peak of $517,000 in November 2005.

Foreclosures now make up the majority of existing home sales in San Diego, accounting for 52.1 percent of transactions last month, according to MDA DataQuick of La Jolla.

Real estate analysts point to the foreclosure inventory as a shadow market pulling down prices of all properties, including those in higher-value neighborhoods that had previously been immune to value deterioration. And many real estate agents say that homeowners who do not have to sell are waiting it out.

Full Story: Foreclosures Make Up More Than Half of Home Sales