NAR: Record drop in home prices

The median price of U.S. resale homes dropped 11.3 percent year-over-year in October -- the largest ever drop since the National Association of Realtors began tracking the statistic in 1968.

In the past four months the median price of resale homes has dropped 14.8 percent -- from $215,100 in June to $183,300 in October 2008, NAR reported.

The downward trend was driven largely by sharp price declines among single-family homes in Western states.

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