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Survey: Home Prices Down in Most Major US Cities
Posted: 7:42 AM Dec 27, 2011
U.S. home prices fell in most major cities for the second straight month, further evidence that the housing recovery will be bumpy.
The Standard & Poor's/Case-Shiller index shows prices dropped in October from September in 19 of the 20 cities tracked. Prices in a majority of cities declined for the second straight month. Prior to that, they had risen for five consecutive months in at least half of the cities tracked.
Atlanta, Detroit and Minneapolis posted the biggest monthly declines. Prices in Atlanta and Las Vegas fell to their lowest points since the housing crisis began. Prices rose in Phoenix after three straight monthly declines.
The Case Shiller index covers half of all U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average.
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