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Buyers Cool Heels; LA Median Price Check-In

National pulse via the Associated Press: "Sales of existing homes, depressed by turmoil in credit markets, fell for a sixth straight month in August, pushing activity to the lowest point in five years." The West saw the biggest drop, a decline of 9.8 percent. CNN notes that those who have to sell quickly are having trouble; "motivated sellers in most parts of the nation are having to discount asking prices by 15 percent or more to move their properties within 90 days," says one private equity partner. Also: LALA Land does its weekly check-in with LA's median asking price, which is $519,000, down $999 from last week. Inventory edged up for the week to 46,252 homes, notes the blog.
· Existing Home Sales Fall for 6th Straight Month [NY Times]
· Home sales continue spiral down [CNN]
· LA listing prices slip again [LA LA Land]
· Los Angeles [Housing Tracker]