Foreclosures lead to drop in metro U.S. home prices

10/3/2008 | Bloomberg

Home prices declined in 24 of 25 metropolitan areas in the U.S. in July. Las Vegas and coastal cities in California led the declines, with home prices in Vegas plunging 33% from July 2007. Foreclosed properties accounted for 21% of sales in July, compared with 5.6% in that same month last year. Mark Zandi, chief economist for Moody's, said that foreclosures have hit the market in three waves.

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