Sales of preowned homes in West soared in Sept.

According to the Associated Press, sales of existing homes in the West took a huge jump in September. As a result of continued low interest rates and dscounting of foreclosed homes, sales of existing homes reached 100,000 units across the 13 state West Region.
Sales were up nearly 43 percent from the same month last year, but declined 9.6 percent versus August's total, according to the National Association of Realtors.
With sharply discounted foreclosures making up a larger slice of overall sales, the median price in the West plunged almost 19 percent from a year ago to $253,600 - slightly higher than what the median was five years ago, the association said.

To read the entire article by ALEX VEIGA of the Associated Press click on the link http://www.forbes.com/feeds/ap/2008/10/24/ap5604091.html