Latest Real Estate Report

In August, homes sales dropped for the sixth straight month, as the housing market continued on it's downward turn, according to a report by the National Association of Realtors. Homes sold in August fell 4.3% from the previous month, and sales nationwide are down 12.8% since August 2006. There is a positive note to all of this, which is that the national median price for all existing homes rose 0.2 percent to $224,500 in August from the same period a year ago. Foreclosures have more than doubled in the past 12 months. The inventory of homes for sale is at an all time high according to Mike Larson, a real estate analyst with Weiss Research.