Palm Beach existing-home sales slump deepens
Prospective home buyers let the selling season pass with maybe a lowball offer.
Nationally in 2008, 4.9 million homes changed hands, down 13.1 percent from 2007. It was the lowest number of sales since 1997. The median home price last year was $198,600, down 9.3 percent from 2007.
With buyers scooping up bank-owned properties at low prices, regular sellers should buckle up for another rough ride in 2009.
"People are buying all the cheap stuff, and the rest is languishing"
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