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August 27, 2011
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U.S. home prices fall in second quarter of 2011
U.S. home prices dropped 5.9 percent in the second quarter of 2011 from a year earlier. That is the biggest decline since 2009. A rash of foreclosures continues to add to the inventory of properties already for sale.
Prices dropped 0.6 percent from the prior three months, the Federal Housing Finance Agency said. In June 2011, prices fell 4.3 percent from the year before. They did, however, increase 0.9 percent over May.
Foreclosures are boosting the supply of properties on the market and undercutting the confidence of homebuyers, sapping demand even as mortgage rates tumble to the lowest in more than half a century. The U.S. inventory of homes for sale averaged 3.7 million during the second quarter, the highest since the third quarter of 2010, data from the
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National Association of Realtors show. The mortgages on 6.5 million U.S. homes had late payments or were in foreclosure in June, according to Lender Processing Services Inc. in Jacksonville, Florida .