Biggest price drop in 16 years

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Good morning. News item from Reuters: ‘A drop in prices of existing U.S. single-family homes accelerated in July, and the annual decline in the 10 largest cities was the sharpest since 1991, according to the Standard & Poor’s/Case Shiller national home price index on Tuesday.’

More: ‘S&P said its composite month-over-month index of 10 metropolitan areas declined 0.6 percent in July to 215.94, for a 4.5 percent year-over-year drop. It was the worst rate of decline since July 1991 as the economy was emerging from recession, S&P said.’

The price index for Los Angeles dropped 0.5% from June to July, and 4.8% from July 06 to July 07.

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