Wednesday, August 27, 2008

Home Prices Still Falling

According to the latest Case-Shiller index, in the 12 months through June, American home values dropped 15.9 percent, the biggest annual decline on record.

Of the 20 cities surveyed for the index , Las Vegas suffered the largest annual decline, with values dropping 28.6 percent in the last year. Prices in Miami fell 28.3 percent, and values in Phoenix dropped 27.9 percent in the same period.

In June, nine cities recorded an increase in home values from the month before, with prices in Boston, Denver and Minneapolis all up at least 1 percent. That compared with increases in seven cities in May. For all 20 cities, prices fell 0.5 percent in June, after a 0.9 percent decline in May.

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