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Housing index hits record low
Associated Press
Published January 30, 2008
NEW YORK - U.S. home prices plunged by a record 8.4 percent in November, marking two years of slowing returns, according to a key index released Tuesday. The November performance was the 11th straight monthly decline in the Standard & Poor's/Case-Shiller 10-city composite home price index. The index tracks prices of existing single-family homes in 10 metropolitan areas. Miami led the pullback with a 15.1 percent decline, followed by San Diego at 13.4 percent, Las Vegas at 13.2 percent and Detroit at 13 percent. Los Angeles, Phoenix and Tampa also recorded double-digit declines in November. Only Charlotte, N.C., Portland, Ore., and Seattle posted positive annual growth rates. The index is considered a strong measure of home prices because it examines price changes of the same property over time, instead of calculating a median price of homes sold during the month. Housing fell into a deep slump last year as delinquencies and foreclosures surged on mortgages made to risky borrowers. Foreclosure filing tracker RealtyTrac Inc. said Tuesday the number of U.S. homes that slipped into some stage of foreclosure climbed 79 percent in 2007 from the previous year.
[Last modified January 29, 2008, 23:53:04]
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