US home prices fall at depression pace

Dec. 23, 08 (Bloomberg) — Sales prices for existing U.S. homes fell the most on record in November 08.

The median resale price fell 13 percent from a year 07 before, to $181,300, “probably the largest price decline since the Great Depression”.

“November sales just collapsed,”

President-elect Barack Obama on Dec. 13, 08 said he will develop plans to limit foreclosures and “dramatically increase the number of families who can stay in their homes.”

One tenth of U.S. families who own a home are in financial distress, Obama said.