by Greg Hunter, USAWatchdog:
Housing prices are back to where they were in late 2002 according to the latest Case-Shiller report that tracks housing prices. February data shows 15 of 20 cities surveyed showed price declines. Overall, the prices sank 3.5% annually. Atlanta fared the worst with a 17.3% year over year fall in home prices. Phoenix was one of the few bright spots with a 3.3% increase. The report said, “Phoenix has posted two consecutive months of positive annual rates, with its latest being +3.3%, and five consecutive positive monthly returns.” But don’t start breaking out the party hats and champagne. The report also said, “Phoenix, which is one of the cities that fared the worst during the crisis, has now posted two consecutive months of positive annual returns and five consecutive positive monthly returns. However, it is still down 54.2% from its peak.” (Click here for the complete Case-Shiller press release.)
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