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US house prices show no signs of bottoming out

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by Kay Mitchell
US house prices show no signs of bottoming out

The Standard & Poor’s/Case-Shiller Home Price index has reported that house prices in the US plunged at a record rate in January compared with the previous year.

Prices plunged by 19% and represents the biggest fall since the index commenced over 20 years ago.

Meanwhile, the closely-monitored index showed prices fell 2.8% in January compared with the previous month.

House prices across the nation have lost almost a third of their value from the high in mid-2006 according to the index, but steeper declines have been noted in Florida and Nevada.

Earlier this month, there were signs that the US housing market may be bottoming out after the US Commerce Department revealed that the rate of construction of new homes in the US jumped by nearly a quarter in February compared with January.

From their high in the second quarter of 2006, house prices have now fallen by almost 30%. On a regional basis, house prices in Phoenix suffered the most falling 35%, while gambling Mecca Las Vegas experienced a fall of 32.5% and San Francisco lost 32.4% in value.

Dallas fell the least where house prices fell by just 4.9%.

In the meantime, Americans are cutting back on big ticket items with just 2% saying they are planning to buy a home in the next six months, while planning to buy a car is low on the agenda for Americans.

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News posted: March 31, 2009

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