Home Prices Fall 16.3% in July
Oct 1, 2008
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Prices of U.S. single-family homes fell 16.3%t in July from a year earlier, according to the Standard & Poor's/Case-Shiller Home Price Indexes.

The S&P/Case Shiller composite index of 20 metropolitan areas fell 0.9% in July from June, S&P said. Since the peak of the housing boom in July 2006, the index has dropped 19.5%.

S&P said its composite index of 10 metropolitan areas declined 1.1% in July for a 17.5% year-over year drop. From two years ago, the index is down 21.1%.

The pace of home price declines since May has slowed to about a third of the rate of the two three-month periods, however, S&P said.

"There are signs of a slowdown in the rate of decline across the metro areas but no evidence of a bottom," David Blitzer, chairman of S&P's index committee, said.

Declines for Las Vegas, the weakest U.S. market, hit 29.9% from a year ago and 34.3% from its peak in August of 2006, S&P said. Annual declines for Phoenix and Miami for July hit 29.3% and 28.2%, respectively.

Markets in Atlanta, Boston, Dallas, Denver, and Minneapolis showed the most evidence that a bottom has formed, with home price increases for the past three months or more, S&P said.

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