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Maryland Yearlings Day-2: Average Down 24.8%
Overall on Day-2 at Maryland, "total sales, average price & the buy-back rate continued to lag significantly behind previous years," commented thoroughbredtimes.com. From 254 yearlings offered, 155 sold for US$2,768,300 (down 40% on last year's 194 sold for US$4,610,100). The US$17,860 average was down 24.8% (last year US$23,763) & the US$9,000 median was down 16.3% (last year US$10,750) while the buy-back rate jumped from 21.5% in 2007 to 39% this year. Fasig-Tipton Midlantic director Mason Grasty (referring to the 777-point drop in the Dow Jones industrial average the day before) summed up: "I think we have a depressed market & yesterday's national trauma, in reflection, had little to do with the sales drop. It's more a reflection of the national sales market, a la Keeneland (September yearling sale) & what we'll expect to see in Kentucky in 2 weeks (at the Fasig-Tipton Kentucky fall yearling sale)."