Home-buying season the worst in at least 50 years

[dkf]

Nationally, prices are still falling. Prices for previously occupied homes have sunk more than 5 percent over the past year to a median of $168,300. New-home prices have fallen even further, by 7.7 percent, to $209,100.

That suggests builders and Realtors are slashing prices to compete with low-priced foreclosures and short sales. Short sales occur when lenders allow homes to be sold for less than what's owed on the mortgage.

Combined, foreclosures and short sales are selling at an average 20 percent discount. And they're lowering neighboring home values.

Devan MacConnell, 28, an administrator at a nonprofit in southeast Virginia, had been renting for years before buying a short sale this month - a one-bedroom condo in Virginia Beach overlooking the ocean. She picked it up for $215,000, about $35,000 less than neighboring apartments.

http://www.hawaiinewsnow.com/story/15548912/new-home-sales-fell-in-august-for-4th-month?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+HawaiiNewsNow-News+%28Hawaii+News+Now+-+News%29

[Kennah]

1. No surprise

There's plenty of bridges and lots of space trackside.