Tuesday, July 29, 2008

Housing Prices Continue to Drop

NEW YORK (AP) — A closely watched housing index shows home prices continued to fall in May, as the housing slump deepened nationwide. The Standard & Poor's/Case-Shiller 20-city index, released Tuesday, is off 15.8% in May compared with a year ago. The steepest decline in the index is in Las Vegas, where prices were down 28.4% from a year ago. Miami is a close second, with prices down 28.3% from last year. Phoenix is down 26.5%.

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