The National Association of Realtors released today their monthly survey of existing-home sales.

The total number of homes sold dropped 5.3 percent nationwide in January to lows not seen since 1997. The total year-over-year fall was 8.6 percent.

In the South, sales dropped 5.7 percent for the month and 15.9 percent below last year. The median price of an existing home also dropped 7.4 percent from last year to $152,100.

Also, S&P released the latest Case-Shiller numbers yesterday, and they showed continuing declines in home values.

Overall, the 10-city index slipped 2.3 percent in December, for a year-to-year decline of 19.2 percent. The 20-city index dropped 2.5 percent for the month and 18.5 percent for the year. No city measured by Case-Shiller showed any price appreciation, either for the month or year.

In Atlanta, prices fell 2.3 percent in December and are 12.1 percent down from last year.

Harlan and Associates are short sale attorneys in Atlanta. Want to know more? Contact us and we’ll be happy to discuss how we can be of service to you!

Red clover roundup, originally uploaded by Tim Gavin.