Housing Market Continues to Slide

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Grim news on the housing market Wednesday.

The National Association of Realtors says sales of existing homes last month fell to their lowest level in 12 years.

Nationwide, January sales were down 5.3 percent. The median sales price plunged to $170,300 - that's down 14.8 percent from a year ago and is the second-largest drop on record.

In the Midwest, existing home sales were down f5.7 percent, nearly 17 percent below a year ago. The median price dropped 6.8 percent to $138,1000.

The Associated Press contributed to this report.