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Home Prices Slid in 1Q
Home prices continued to slide at a dramatic pace in the 1Q, according to a closely-watched report. The S&P Case-Shiller National Home Price index plunged a record 19.1% during the first three months of the year, compared to the same period in 2008. That followed an 18.2% in the 4Q. The Case-Shiller 20-city index fell 18.7% year-over-year in March and its 10-city index fell 18.6%. The 20-city index has plummeted 32.2% from its July 2006 peak and has fallen 32 straight months. "Declines in residential real estate continued at a steady pace into March," said David Blitzer, Chairman of the Index Committee at Standard & Poor's. "All 20 metro areas are still showing negative annual rates of change in average home prices with nine of the metro areas having record annual declines." Rising foreclosures and the heavy backlog of unsold homes on the market suggests that a recovery in home prices is not likely in the near future, analysts note.
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Date Last Updated: 05/28/2009
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