US home prices drop for 6th straight month

By
Real Estate Mortgage Broker with Home Bridge Financial Services Arizona's #1 Mortgage Lender NMLS #251674

WASHINGTON (AP) - Home prices dropped in February in most major U.S. cities for a sixth straight month, a sign that modest sales gains haven't been enough to boost prices.

The Standard & Poor's/Case-Shiller home-price index shows that prices dropped in February from January in 16 of the 20 cities it tracks.

The steepest declines were in Atlanta, Chicago and Cleveland. Prices rose in Phoenix, San Diego and Miami. They were unchanged in Dallas.

The declines partly reflect typical offseason sales. The month-to-month prices aren't adjusted for seasonal factors.

Still, prices fell in 15 of the 20 cities in February compared with the same month in 2011. That indicates that the housing market remains far from healthy despite the best winter for sales in five years.

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Rainer
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Dan Hopper
Denver Realtor Advocate/Short Sale/Loan Modificati
RE/MAX Alliance, www.danhopper.com

We have seen a slight increase in the Denver market.  Low inventory is probably one of the main factors for this.  I do expect to see more foreclosures hit the market over the next 60 days. 

April 24, 2012 08:48 AM
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Rainmaker
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Mike Aavang

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