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Radar Logic reports more home-price declines

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Milwaukee, Sacramento at opposite ends of price-per-square-foot index Twenty-three of 25 metro market areas tracked in a May home-price report saw declines in price per square foot compared to a year ago, real estate data and analytics company Radar Logic reported today. The Sacramento, Calif., market area led the nation in price decline with a 31 percent year-over-year drop in the price per square foot between May 2007 and May 2008, to $154.49, according to the RPX Monthly Housing Market Report, which is based on values of a daily price-per-square-foot index during a 28-day period in May. Las Vegas followed with a 29.5 percent price-per-square-foot loss to $123.94, and San Diego posted the third-largest decline, down 27.2 percent to $237.78 PSF. Only one of the 25 metro areas -- Milwaukee -- saw an increase in its price per square foot: up 1.1 percent, to $123.76. According to RPX, "indicative pricing on forwards contracts suggests weakness through 2009, stabili...