The following is from CNNMoney.com

NEW YORK (CNNMoney.com) — National home prices, driven lower by a flood of foreclosures, plummeted in the third quarter by a record 9% year-over-year, according to a report issued Tuesday.

The median price of a single-family home fell in four out of five states, the National Association of Realtors reported. The national median price was $200,500, down 2.9% from the second quarter of 2008.

A flood of foreclosures has driven home prices down. As many as 40% of all sales made during the three months that ended Sept. 30 were properties repossessed by banks. The banks are eager sellers. The longer they hold the vacant homes, the more it costs them in maintenance, taxes and insurance.

Source: CNNMoney.com

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