Boosters in the U.S. may decry the media’s characterization of the housing industry’s woes, but there’s no mistaking the terrible numbers released yesterday by the National Association of Realtors.
Sales of single family homes were down 13 percent for 2007, the worst decline since 1982. The median price for a single family home fell 1.8 percent, the first annual decline on record, going back to 1968, the NAR reports. It may have been the first annual drop since the Great Depression in the 1930s, NAR economist Lawrence Yun told the Associated Press.
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