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Morning Doom Report: Bay Area Home Sales Plummet

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Waking up on the wrong side of the bed today ... California home sales hit the skids (again) in October— to the tune of 40.2%, according to today's Chron report. Median prices dipped 9.9%, says the California Association of Realtors, leading the proverbial experts to doubt that A) the housing market has hit rock bottom, and B) a market recovery until next year, at least. Economist Patrick Newport of Global Insight predicts that prices could drop as much as 10% by mid-2008, thus prompting a sales rebound. At the moment, it would take 16.3 months to move all the California homes on the market in October; there were only 6.3 months' worth of inventory on the market last year. (Pardon us, but doesn't that statistic seem a little vague/ sensationalized? As if we should expect any month's home inventory to sell in its entirety!) A few more numbers: in the Bay Area, sales actually fell 41.5%; median prices rose 8.9% to $810,490, up from last year's $744,300. At ease. Or not.
· Bay Area median prices rise, but overall home sales news grim [SF Gate]