S&P: Home prices drop by record 15.8 pct. in May by Paulina Neshybova

metropolitan cities as are for example Las Vegas, Miami, Phoenix, Los Angeles, San Diego, San Francisco, Seattle, Wash., Portland, Ore., and Washington, D.C. The values of homes fell 18.4 percent since the 20-city index's peak in July 2006. The worst situation is in Detroit, where there is the dicrease in about 11 %, which is lower than it was in 2000. Among those with the biggest declines are aslo ten metropolitan areas in Florida even when we compare it with the last year. However, some big cities recorded a flash of light in the value of homes, mainly Tampa, Fla., Boston, Detroit, Minneapolis, New York, Dallas and Atlantaalthough i tis just a smaller annual declines. Charlotte, N.C. recorded thye smallest decline and the city of North carolina had even a small price gain.
It is expected that this price depreciation is going to continue probably, because in many cities the seller are forced to cut the prices of homes. It is the biggest decline in the 21-year history with the decrease of 16.9 percent.
In most of the cities where is the big drop of pricez as in Manhattan or Ohio is also very small manufacturing as they recorded dramatic job losses in this undustry and the forclosures are on the other hand high. What of course does not help the sellers, is the fact, that the buyers do not want to buy anything now as they see more opportunities in these further declining prices


related story: http://news.yahoo.com/s/ap/20080729/ap_on_bi_ge/home_prices;_ylt=AmJAnXzB0waMuRijpEkZcwWs0NUE

by Paulina Neshybova for PocketNews (http://pocketnews.tv)

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