Real estate is still bottoming

Well, thank god the real estate market mayhem has been contained and is now behind us.

Right?

US Home Prices Fall In 75% Of Metro Areas

The median price for previously occupied homes sold in the July-September quarter fell compared with last year in 111 out of 150 areas tracked by the National Association of Realtors, the trade group said Wednesday. Prices rose in 39 metro areas.

The results were roughly even with the second quarter, in which median prices fell in 109 out of 151 cities tracked by the real estate trade association. The national median price for single-family homes sold in the third quarter was $ 169,500, down 4.7% from the same quarter a year earlier.

"Home sales need to recover first, only then can prices stabilize," said Lawrence Yun, the Realtors' chief economist, in a statement.

Seems about right to Guambat. Now there's an economist worth his salt.

On a related note ....:

How a Financial Pro Lost His House