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May Tales, May Sales

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According to the New York Times, the latest report from the National Association of Realtors notes that one out of every three homes sold nationwide in May was a foreclosure or distressed sale. One out of three! Let that sink in. Looking at data closer to home, the report indicates that the median sale price of a home in the West is down 44 percent from its peak, according to a Times blog. "For condos, the median price in the West is off 49 percent from the peak." The nebulous West term is hard to figure out (condo in Palmdale? or Hollywood condo?), but perhaps, yes, your downtown condo would now fetch about half what it would during the go-go years. [NY Times/NY Times Floyd Norris]