Home prices in 20 major U.S. cities tumbled at a faster pace in July, sending home values down a record 16.3percent from the year-ago period, according to the Standard & Poor's Case-Shiller home price index released Tuesday.
July's prices dropped 0.9percent, an uptick from a 0.5percent drop in June.
Prices fell in 13 of the 20 cities tracked in the index during July, but prices in all 20 metropolitan areas were lower in July than they were a year earlier. Las Vegas and Phoenix remained the weakest cities, falling nearly 30percent in the past year. Prices in Las Vegas sank 2.8percent in July, while prices in Phoenix dropped 2.7percent.
The Case-Shiller's smaller 10-city index plunged 1.1percent in July and by 17.5percent over the past year, its biggest decline in its 21-year history.
Price is expected to decline further, especially if financial crisis continue to be unsettled and credit remains tight.
Prices are down 19.5percent from the peak in July 2006
2 comments:
The home prices will keep dropping as long as the credit market is still tight
average people still can't afford to buy home.
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