Foreclosures Pull Home Prices Down 12% in Q4

The National Association of Realtors has issued a new report.

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The National Association of Realtors said Thursday that distressed sales--such as foreclosures--triggered a sharp decline in fourth-quarter median home prices:

Distressed sales – foreclosures and short sales – accounted for 45 percent of transactions in the fourth quarter, dragging down the national median existing single-family price to $180,100, which is 12.4 percent below the fourth quarter of 2007 when conditions were more balanced; the median is where half sold for more and half sold for less.