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From: DebtBomb	10/26/2006 10:13:23 AM
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Home Price Drop Is Largest in 35 Years Thursday October 26, 10:04 am ET By Martin Crutsinger, AP Economics Writer New Home Prices Fall by the Largest Amount in More Than 35 Years WASHINGTON (AP) -- The median price of a new home plunged in September by the largest amount in more than 35 years, even as the pace of sales rebounded for a second month. The Commerce Department reported that the median price for a new home sold in September was $217,100, a drop of 9.7 percent from September 2005. It was the lowest median price for a new home since September 2004 and the sharpest year-over-year decline since December 1970. The weakness in new home prices was even sharper than a 2.5 percent fall in the price of existing homes last month, which had been the biggest drop on record. The price decline for new homes came while the sales pace picked up, rising by 5.3 percent to a seasonally adjusted annual rate 1.075 million homes. It marked the second consecutive increase in sales following three months of declines. biz.yahoo.com

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