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U.S. home prices hit new low in Q1

06-01-2011 09:45 BJT

CHICAGO, May 31 (Xinhua) -- Standard & Poor's (S&P) on Tuesday released its S&P/Case-Shiller Home Price Index for the first quarter, showing that the U.S. home prices declined 4.2 percent in the period to a new low since mid-2002.

David M. Blitzer, chairman of the Index Committee at S&P Indices, said that the new low has confirmation of a double-dip in home prices across much of the nation, adding that "home prices continue on their downward spiral with no relief in sight."

In March along, the national home prices slipped 2.4 percent from February, or 7.6 percent on an annualized basis, said S&P in a publication on Tuesday.

Besides, 18 cities, including Chicago and Detroit, posted a negative return from February while Washington D.C. and Seattle were the only two cities to report a small increase from the previous month. Eleven cities have posted at least eight consecutive months of negative month-over-month returns.

The S&P/Case-Shiller Home Price Indices are the leading measures for the U.S. residential housing market, tracking changes in the value of residential real estate both nationally and in 20 metropolitan regions.

Editor:Yang Jie |Source: Xinhua

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