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St. Louis housing sales drop 63 percent over last year


St. Louis – St. Louis is reporting the biggest drop in home sales in the United States.

The Associated Press-Re/Max Monthly Housing Report, released Monday, shows sales in the metro area declined 63 percent as compared with October 2007.

Prices dipped 9 percent to a median of $132,000.

The report analyzed all home sales recorded by all real estate agents in the metro area, regardless of company affiliation.

St. Louis is not alone. The report found home sales fell in 10 out of 12 Midwestern metropolitan areas tracked.

The two exceptions were Minneapolis and Detroit. Both have seen dramatic surges in foreclosures, big price declines and buyers taking advantage of deep discounts.


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