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Home prices fell by steepest rate ever in May
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| Contributor | kal |
| Last Edited | kal Jul 30, 2008 04:19am |
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| Category | News |
| News Date | Wednesday, July 30, 2008 10:00:00 AM UTC0:0 |
| Description | Home prices tumbled by the steepest rate ever in May, according to a closely watched housing index released Tuesday, as the housing slump deepened nationwide.
The Standard & Poor’s/Case-Shiller 20-city index dropped by 15.8 percent in May compared with a year ago, a record decline since its inception in 2000. The 10-city index plunged 16.9 percent, its biggest decline in its 21-year history.
No city in the Case-Shiller 20-city index saw price gains in May, the second straight month that’s happened. The monthly indices have not recorded an overall home price increase in any month since August 2006.
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