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U.S. home prices at lowest level in decade

April 24, 2012

U.S. home prices continued to fall sharply in February to hit the worst level in nearly a decade, ccording to a closely followed index released Tuesday. The S&P/Case-Shiller 20-city composite is at its lowest level since October 2002.

The index fell 0.8% compared to January levels to take the year-on-year drop to 3.5%. Of the 20 cities measured, 16 had negative readings and only three showed gains.

The decline may be due to the typical pattern of diminished interest during the winter and heightened interest in housing during the spring and summer, as prices rose 0.2% on a seasonally adjusted basis.

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