The Standard and Poor’s Case-Shiller Home Price Index for the month of March was released this morning and showed that home prices in the US continue to fall. In the first quarter, the national index dropped 19.1 percent from a year earlier, a larger than expected drop that is being attributed to a surge in foreclosures.
The monthly report showed that home prices in the twenty U.S. cities that the report covers fell at an annual rate of 18.7 percent between March 2008 and March 2009, just slightly higher than the 18.6 percent between February 2008 and February 2009.
However there was some good news for the DC area. In January, residential property prices in DC dropped 19.3 percent from the previous year, and in February that number dropped slightly to 19.2 percent. In what might be some of the only good news from the latest monthly report, the March percentage for DC fell almost a full point to 18.4 percent from a year ago.
This article originally published at https://dc.urbanturf.com/articles/blog/home_prices_continue_to_fall_in_march_but_rate_slowing_in_dc/952.
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