Home prices plunge by most in 35 years

I thought this was an interesting article, worth posting on the blog.

Home prices plunge by most in 35 years
By MARTIN CRUTSINGER, AP Economics Writer

The median price of a new home plunged in September by the largest amount in more than 35 years, even as the pace of sales rebounded for a second month.

The Commerce Department reported that the median price for a new home sold in September was $217,100, a drop of 9.7 percent from September 2005. It was the lowest median price for a new home since September 2004 and the sharpest year-over-year decline since December 1970. The weakness in new home prices was even sharper than a 2.5 percent fall in the price of existing homes last month, which had been the biggest drop on record.

For the rest of the article: http://news.yahoo.com/s/ap/20061026/ap_on_bi_go_ec_fi/economy&printer=1