Single family home sales declines sharply.
The rate is 36.6 percent below its March 2007 rate of 830,000 new home sales.
True, but the prime rate is also down nearly 37% from last year - five & one quarter percent vs eight & one quarter percent.
And,
The median sales price of a new home sold in March was $227,000 with an average price of $292,200.
That's a 22% drop in average price. For those not looking to sell (which is the vast majority of property owning Americans), be patient, and solicit your county assessor to lower your property tax rate!
Like I said; it's a buyer's market. Don't panic - Prosper!
John Stossel apparently agrees with moi , and says, "The Sky is not Falling."