US housing crash continues

No relief; no one spared; the US housing crash gains momentum....

The pace of sales of existing homes in the US fell to a 12-year low in January as prices plunged and buyers delayed purchases ahead of a government economic stimulus package.

Home resales fell by 5.3 per cent to an annual rate of 4.49m in January, the National Association of Realtors said on Wednesday, and were off by 8.6 per cent year-on-year. The median price of an existing home fell by 14.8 per cent on the year to $170,300