Thursday, September 27, 2007

US Homes Prices Drop Farther

It is the steepest drop in 16years according to a recent survey. The price of existing homes in the 10 largest cities feel by0.6% in July. The data comes from S&P/Case-Shiller home price index and puts the annual price fall in those cities at 4.5%. A broader survey of 20 cities found that prices fell in 15 of them, dropping an average of 0.4% from June to July, and down 3.9% on July 2006. Large numbers of unsold existing and new homes have hit prices. The cities where prices are still rising are Atlanta, Charlotte, North Carolina, Dallas, Portland and Seattle.

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