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Record plunge in July home prices

 

The Standard & Poor’s/Case-Shiller index, released today, showed home prices dropping by a record amount in July, although the pace of monthly declines seems to be slowing.

The 20-city index fell 0.9 percent in July and is down 16.3 percent from last year. That’s the largest drop in the index since it began in 2000.

The 10-city fared no better, with prices dropping 1.1 percent from June and 17.5 percent since July 2007, which is the biggest decline in the 21-year history of the index.

Overall, home prices have fallen nearly 20 percent nationwide since peaking in 2006.

While the picture remains bleak for future home prices, there is some good news in the latest report: the prices are dropping less and less across the country each month, though there is still no evidence of a bottom.

The usual suspects remained on top of the index: According to the report, Las Vegas, Phoenix and Miami experienced the greatest price declines at 29.9, 29.3 and 28.2 percent respectively.

Home prices continued to tread water in Atlanta with the change in home prices actually showing a small appreciation of 0.4 percent from June to July. Still, prices were down 8.2 percent from last year.

 

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Polar Bear Plunge 2007: Plunge Zone, originally uploaded by Earl – What I Saw 2.0.

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