Falling Home price

July 30, 2008 at 1:32 am | Posted in economy USA | Leave a comment

The New York Times
Two trouble spots in the economy showed little sign of improvement in the last few months, as home prices fell again in May and consumer confidence stagnated in July, according to a pair of reports issued Tuesday.

Home prices, already falling at the steepest rate in two decades, tumbled again in May, according to the Standard & Poor’s/Case-Shiller index, a widely watched survey that measures prices in 20 major metropolitan areas. Prices were down 15.8 percent from May 2007, including a 0.9 percent one-month drop this May.

The 10-city price index, which dates to 1988, dropped 16.9 percent for the year, its sharpest decline on record.


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