Industry News

Home prices continue decline in major cities

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Two indices measuring home-price changes in major U.S. cities showed continuing declines in July, with each showing a steeper rate of decline in each of the seven months from January through July. The Standard & Poor's/Case-Shiller index tracking 10 U.S. cities was down 4.5 percent in July from the same month a year earlier, while the index tracking 20 U.S. cities was down 3.9 percent over the same period. The year-over-year decline reported for the 10-city composite index was the lowest since July 1991. "The further deceleration in prices is still apparent across the majority of regions, with 16 of the 20 metro areas showing a drop in their annual growth rate from what was reported in June," said Robert J. Shiller, chief economist at MacroMarkets LLC. The metro areas tracked in the Composite-20 Index include: Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, S...