In most cases when you see a number like that you are dealing with someone without knowledge or worse someone with making a false statement. All to often the numbers you see in the paper are written by a liberal arts major without a clue of what the numbers they are looking at mean. A statement that can be answered would include a time frame, and location, and what is measured, and how.
Are we talking asking price, sale price, then average or median. Lets say we have four homes one a dump requiring demo. The three good homes sell for 100,000 99,000, and 101,000 an average and mean of $100,000. The Repo that took three years to clear the title and pay off taxes nowsells for 60,000. The average sale price of the homes are now $90,000. But the mean remains at $99,000.
So what caused the 10% price drop or did it?... more