Home Prices Fall In Major U.S. Cities _ NPR by LegionZ411

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									Home Prices Fall In Major U.S. Cities : NPR                                                                                   1/29/11 9:34 AM



                   Home Prices Fall In Major U.S. Cities
                   by THE ASSOCIATED PRESS


                                                                                   January 25, 2011                  text size A   A A

                                                                                   Home prices are falling across most of
                                                                                   America's largest cities, and average prices in
                                                                                   eight major markets have hit their lowest point
                                                                                   since the housing bust.

                                                                                   The Standard & Poor's/Case-Shiller 20-city
                                                                                   home price index released Tuesday fell 1
                                                                                   percent in November from October. All but one
                        Enlarge                              Rogelio V. Solis/AP
                                                                                   city, San Diego, recorded monthly price
                   Millions of foreclosures are forcing prices down, and many
                   people are holding off making purchases because they fear
                                                                                   declines.
                   the market hasn't hit bottom yet.
                                                                      Eight others sank to their lowest levels since
                   prices peaked in 2006 and 2007: Atlanta, Charlotte, N.C., Las Vegas, Miami, Portland, Ore.,
                   Seattle, Tampa, Fla., and Detroit, which saw the largest drop at 2.7 percent from the previous
                   month.

                   A Double Dip In Prices?

                   Millions of foreclosures are forcing prices down, and many people are holding off making
                   purchases because they fear the market hasn't hit bottom yet. Many analysts expect home prices
                   to keep falling through the first six months of this year.

                   "With these numbers, more analysts will be calling for a double-dip in home prices," said David
                   Blitzer, chairman of S&P's Index Committee.

                   Over the past year, prices have risen in four major metro areas. Prices rose 3.5 percent in
                   Washington, the largest gain. Los Angeles, San Diego and San Francisco also posted gains.

                   Some of the worst declines have come in cities hard hit by foreclosures.

                   As of November, average home prices in Las Vegas have fallen 57.2 percent from their peak in
                   August 2006 and are back to where they were in late 1999. Another foreclosure hotbed, Phoenix,
                   is down 53.9 percent from its June 2006 peak. Average home prices there are back to where they
                   were in 2000.Miami has fallen 48.8 percent from its peak in December 2006, and is selling at late
                   2002 levels.

                   The 20-city index has risen 3.3 percent from its April 2009 bottom. But it remains well below its July
                   2006 peak.




http://www.npr.org/2011/01/25/133207074/home-prices-fall-in-major-u-s-cities                                                        Page 1 of 1

								
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