Home prices falling faster in biggest US cities

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Home prices are dropping in the nation’s largest cities and are expected to fall through next year, with the worst declines coming in areas with high numbers of foreclosures.

The Standard & Poor’s/Case-Shiller 20-city home price index fell 1.3 percent in October from September. All cities recorded monthly price declines.

Atlanta recorded the largest decline. Prices there fell 2.9 percent from a month earlier. Home prices in Washington dropped 0.2 percent in October, the second monthly decline after five straight increases.

The 20-city index has risen 4.4 percent from their April 2009 bottom. But it remains 29.6 percent below its July 2006 peak.

One Response to Home prices falling faster in biggest US cities

  1. I think that houses should be places to live in, not invest in. By putting so much value into housing, the economy as a whole suffers, because all that money, time and resources that’s spent on grossly overpriced houses could have been used on other things instead – like starting new businesses or supporting entrepreneurs. The more diversified our investments and industries our economy is based on, it´s the better.

    Jay Banks
    December 30, 2010 at 6:11 am