The October Multiple Listing Service report from the Austin Board of Realtors showed that the median home price in Austin was actually up 7 percent from October 2007. Yet, home sales have plummeted down 25 percent.

Wall Street slumped Thursday afternoon. The S&P 500 closed at an all time low since 1997 as fears of a prolonged recession sparked a massive selloff.

The government announced unemployment claims hit a 16-year high Thursday morning, and the White House said President Bush is ready to help.

The Dow Jones Industrials opened Thursday below 8,000 for the first time in the bear market stretch. Investors are downbeat over the plight of United States automakers.

The Dow fell more than 400 points to close below 8,000 for the first time in more than five years, the sell-off really accelerating into the close.