Existing home sales dive 40 percent in November

From statesman, December 19, 2008...

Sales of existing homes in Central Texas plunged 40 percent last month, the largest decline on record, as the recession and credit crunch arrived full force in Austin.

The 990 sales were the lowest number for November since 1997, according to the Austin Board of Realtors.

And the median price fell 3 percent, the first drop in four years.

Real estate experts don't expect next year to be any better.

Read more...