Aug 15. US secondary home sales declined to a 10-year low in Q208, with the average price of a single-family home dropping 7.6%. In April-June 2008, home prices stood at USD 206,500 compared to USD 223,500 in the same period a year ago. Single-family home sales decreased 16% to 4.91 mn on an annualized basis. The cost of housing slid in 115 of 150 large cities of the United States. In line with data from RealtyTrac, homes foreclosed by banks rocketed 184% in July, the record figure since these data were tracked in January 2005, to 77,295. During the month, owners of more than 272,000 homes were under foreclosure, i.e. 8% more over the month and slightly below May's record (273,000). "Homes were sold at a price below their real value in many regions that are seeing many home owners facing foreclosure" – the association's president Richard Gaylord noted.