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U.S. Home Prices Down – First Time in 10 Years

In August, U.S. existing home prices dropped for the first time in 10 years to a median value of $225,000.  It looks like this may be the first of many corrections to come because the backlog of unsold homes is the highest since April 1993.  (Source:  New York Times)

This is not "news" since the stats were released in September, but we’ll document it here so we can compare what happens in the next 3-6 months.