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Friday 28th of January 2011
January 25, 2011    

US house prices continue to fall

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by Kay Murchie
US house prices continue to fall

The Standard & Poor’s/Case-Shiller composite index of 20 metropolitan areas fell in November - the fifth consecutive monthly decline, albeit a smaller drop than expected.

According to the index, house prices were 0.5% lower in November on the month and followed October’s decline of 1%.

November’s level was just 1.2% higher than the 90-month low reported in May 2009.

The US housing market has suffered of late after a Government incentive expired in the summer and this has impacted negatively on house prices.

However, Washington, San Diego and Charlotte all saw prices rise, while Las Vegas remained unchanged.

The US cities which have suffered the most during the housing market slump include Detroit (down 48% since its peak) and Miami (down 49%).

Commenting on the figures, David M Blitzer, index committee chairman at S&P, said: “With these numbers more analysts will be calling for a double-dip in home prices.“

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