Median Home Prices Fall for 3Q in Most US Cities

WASHINGTON (AP) - Home prices dropped in nearly three quarters of U.S. cities over the summer, dragged down by a decline in buyer interest and a high number of foreclosures.

The National Association of Realtors says the median price for previously occupied homes fell in the July-September from the same period last year in 111 out of 150 metropolitan areas tracked by the group.

Fourteen cities had double-digit declines. The median price in Mobile, Ala. dropped 17.7 percent, the biggest of all cities tracked.

Eight cities saw double-digit price increases. The largest was in Grand Rapids, Mich., where the median price rose 23.7 percent.

The national median price in the third quarter was $169,500. That's up 0.2 percent from $169,100 in the second quarter.

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TO: cpo1514

Please explain how Barney and Chris were able to prevent reforms to Fannie & Freddie when the Republicans controlled the committees until January 2007. In short, a single senator and a single representative do not have the power to control Congress, especially one where the Republicans had control. The Republicans were in full control of Congress including the committees which they maintained a majority. For those that may not know, the real power lies with the committees as nothing moves if the committee doesn't approve it first.

While the Barney and Chris show makes great play for Rush it has little basis in facts for those that understand the big picture. Did they play a role, yes, but by no means did they own trump cards as Rush would have you believe.

November 09 2011 at 7:14 PM Report abuse -1 rate up rate down Reply
1 reply to freddie's comment

Cast not your pearls before swine. They don't hear you and never will.

November 10 2011 at 10:14 AM Report abuse rate up rate down Reply

Home prices fall.... theres a surprise... thank you barney & Chris for the approving anyone that could never afford to make the payments!!!!! ALso the IRA and 401 accounts are depressed.. Barry... when will you quit ??? are you waiting for the voters to FIRE you?????

November 09 2011 at 5:10 PM Report abuse +2 rate up rate down Reply

Wait until the 4,000,000 homes now delinquent by 3 months or more go into the foreclosure chain.

November 09 2011 at 3:34 PM Report abuse +2 rate up rate down Reply

All, keep in mind that the median price could go down while the average price goes up.

That said, in my very humble opinion, the government should stay out of the "try to fix the housing market" and just let it work itself out. If the government had stayed out, maybe the housing market would be on the upswing by now.

Just my two cents worth.

November 09 2011 at 3:08 PM Report abuse +2 rate up rate down Reply