Another drop in home prices

A report from the National Association of Realtors says that home sales were down 3% in October, and median home prices dropped 11% since October 2007.

Astonishingly, nearly half of homes sold in October were the result of foreclosure.

“Many potential home buyers appear to have withdrawn from the market due to the stock market collapse and deteriorating economic conditions,” said Lawrence Yun, the association’s chief economist.