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| Optimists seeking a bottom in the housing market got a good shot of reality on May 26 when the closely watched Standard & Poor's/Case-Shiller National Home Price Index reported that home prices fell at the fastest annual rate ever in the first quarter.
However, the pace of month-to-month declines continues to slow.
Home prices tumbled by 19.1% in the first quarter, the most in the 21-year history of the Case-Shiller index. Home prices have fallen 32.2% since peaking in the second quarter of 2006 and are at levels not seen since the end of 2002.
The 20-city index fell by 18.7% in March from the year before and the 10-city index lost 18.6%. Those declines were a bit better than February's and marked the second straight month the indexes didn't post record drops. |
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