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Home sales plunge 27 percent to lowest in 15 years

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WASHINGTON (AP) - Sales of previously occupied homes fell to the lowest level in 15 years last month as the economy weakened.

The National Association of Realtors says July's sales fell by more than 27 percent to a seasonally adjusted annual rate of 3.83 million. It was the largest monthly drop on records dating back to 1968. June's sales pace was revised downward to 5.26 million.

Home sales picked up in the spring when the government was offering tax credits. But the market has struggled since the tax credits expired on April 30.

It would take 12.5 months to sell off the 4 million unsold homes on the market at the current sales pace. The median sale price was $182,600, up 0.7 percent from a year ago.

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Have a question...how come my appraised tax value hasn't decreased 27%...it's only fair that since when my home goes up in value, my taxes go up...so when my home goes DOWN in value..so should my taxes...

and

Also if they lower the appraised value they will raise your taxes to make up the difference. Unless you grossly overpaid for your house it has not depreciated that much.

Homes

One reason may be it says home sales fell 27%,not the value of homes.

Ah, but the values HAVE fallen

Maybe not 27%, but the values of homes follow the law of supply and demand, just like anything else. If you own a $300k home that simply won't sell, it's obviously not "worth" $300k on the market. If you list it at $250k and sell it, than a fairer value would be $250k, no?

Of course, there's no way to measure that accurately for every home, the state law limits the duration of re-evaluations, and those thieving b**tards at the county would never de-value a home if their lives depended upon it.

So your sentiment is correct (it ain't happening) but your economic reasoning is off a bit. The value of our homes has indeed fallen.