Existing home sales dropped to an annualized 4.49 million units, far below the 4.93 million units projected. The median existing home sale price was $181,300 in November, down 13.2 percent from 2007. The price drop was the largest the association ever recorded and may be the worst decline since the Great Depression. The surplus of unsold homes ballooned to 4.2 million in November. CIT Group got approval to get $2.33 billion from the $700 billion bailout of banks.”]
Source: https://www.bankinfosecurity.com/home-prices-plunge-sales-drop-a-1131