Existing-Home Sales Sink as Prices Tumble

Until the housing market rebounds via house prices stabilizing, we are unlikely to see a sustained rebound in equity prices.

From the Wall Street Journal:
"Existing-home sales resumed falling in October, while the median price suffered its largest drop on record. Home resales fell to a 4.98 million annual rate, a 3.1% decrease from September's pace and down 1.6% from a year earlier, the National Association of Realtors said Monday. The median home price was $183,300 in October, down 11.3% from $206,700 in October 2007. The price was the lowest since $183,200 in March 2004."