- Sales of bank-owned (REO) properties hit 34.5 percent of the market.
- This resuled in a national price drop of 4.9 percent quarterly.
- 5 percent drop year-over-year.
- National home prices have fallen 11.5 percent in the past nine months, a rate not seen since 2008.
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Add short sales, CNBC says, "where the bank allows the borrower to sell for less than the value of the mortgage, and prices have nowhere to go but down." READ.
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