Tuesday April 29, 03:42 PM
US home prices in steeper fall: survey
WASHINGTON (AFP) - Home prices in major US cities slumped an average of 12.7 percent year-to-year in February, a survey showed Tuesday in a sign of even deeper troubles for the ailing housing market.
The Standard & Poor's/Case-Shiller index of prices in 20 major cities showed a 14th consecutive month of declines, as the market meltdown extended.
February's 20-city price index was down 12.7 percent from the year before, and 2.6 percent over the prior month.
The 10-city composite index, which contains more of the large "bubble markets," was down a record 13.6 percent year-over-year and down 2.8 percent for the month.
"There is no sign of a bottom in the numbers," said David Blitzer, chairman of the index committee at Standard & Poor's.
"Prices of single family homes continue to drop across the nation."
All 20 metropolitan areas were in the red for the month and 19 of the 20 showed negative annual returns."
Las Vegas and Miami shared the distinction of being the weakest markets over the past 12 months, sliding 22.8 percent and 21.7 percent, respectively. These two markets witnessed some of the fastest growth in the 2004-2005 periods.
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