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March 29, 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 January – the seventh consecutive monthly decline.

According to the index, house prices were 0.2% lower in January with prices at their lowest for 11 years in four cities.

The S&P/Case-Shiller index for 20 main US cities fell by 3.1% on an annual basis.

Prices in only two metropolitan areas saw gains with Washington and San Diego reporting growth over the year.

Commenting on the figures, David Blitzer, index committee chairman at S&P, said: “The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery.

“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future,” he added.

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