September 23, 2008 Protesters ask congress to stand up for homeowners Play video

(Prat Thakkar, NECN: Boston, MA) - The latest numbers on the housing market are out for the month of August, and they're not encouraging. The two reports released Tuesday show that home prices and home sales continued their downward trend in August. Fearing more foreclosures, a group of protesters in Boston asked congress to stand up for homeowners.

On a sidewalk outside the Federal Reserve building in Boston, protesters had a message for congress and the treasury.

The coalition of housing activists is calling on lawmakers to add several preconditions to the bailout package... They want the government to have equity in all the companies it bails out so when economic conditions turn around, taxpayers can get the returns... They want congress to bar CEOs from receiving any of the bailout money in severance packages, and they say banks should be required to allow tenants to remain in foreclosed properties.

Grace Ross: They've got to put some teeth into this bailout... Bailout that they need

The group contends as housing prices dip and families continue to face foreclosure, banks are not doing their part to work with the homeowners... They say banks should be required to renegotiate mortgages to make them more affordable.

Steve Meacham: if the banks are going to be bailed out by taxpayers... Real value of these homes

Tim warren: now it's been four years that the number of sales... In this particular slump

According to the warren

group's report, the median price for single family homes in Massachusetts last month was 323,000 dollars, a nine percent drop over the 355,000 dollar median price a year earlier.

The number of single family homes sold in august also declined, dropping 14.6 percent over august of last year.

The numbers from the Massachusetts association of realtors show similar declines, and analysts say it will be a while before the state's real estate market recovers...