Home Prices Hit Lowest Mark in Nine Years

You've heard the saying that a picture is worth a thousand words. Well, in real estate news this week, a picture has been painted by what seems like a thousand numbers -- and the picture ain't pretty, people.

Yesterday, the National Association of Realtors® (NAR) announced that sales of existing (meaning non-new) homes declined 9.6% from January to February of this year. What's worse, February's median existing home sales price of $156,100 is the lowest mark the metric has hit in nine years, since the same month in 2002.

That's right, folks -- home prices have rolled back to where they were nearly a decade ago.