Home prices continue to fall

Jan. 31, 2012 at 12:03 PM
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NEW YORK, Jan. 31 (UPI) -- U.S. home prices declined in both 10-city and 20-city composite indexes in November, the closely watched S&P/Case-Shiller home index report said.

Considered a base line economic indicator showing consumers are confident enough to invest in a home, prices are will well off the April 2006 peak, the report shows.

In November, the 10-city index dropped from 151.98 in October to 150.89, a low unseen since July 2003. The 20-city index dropped from 138.49 to 137.52, a low unseen since March 2003, the report said.

In contrast, the 10-city index stood at 226.91 in April 2006. The 20-city index in that month was at 206.65.

For November, the price index was up slightly in Minneapolis, Denver and Phoenix. It was down in Los Angeles; San Diego; San Fransisco; Washington; Miami; Tampa, Fla.; Atlanta; Chicago; Boston; Detroit; Charlotte, N.C.; Las Vegas; New York; Cleveland; Portland, Ore.; Dallas and Seattle.

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