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By Shannon Petrie, FrontDoor.com | Published: 9/12/2008
Prices fell a record 15.4 percent in the second quarter compared with last year. Las Vegas was the worst performing city in the survey, where prices fell 28.6 percent from last year.
Despite the national numbers, two pieces of good news came out of the report:
"While there is no national turnaround in residential real estate prices, it is possible that we are seeing some regions struggling to come back, which has resulted in some moderation in price declines at the national level," David Blitzer, Chairman of the Index Committee at Standard & Poor's, said in a statement.
Most analysts agree that the housing market has not yet hit bottom, but the figures from this report could mean that prices are moderating.
Until the inventory problem is solved, the 11.2 month supply of existing homes on the market will continue to drag prices down. Despite the continually falling prices, many buyers are still priced out of the market and are waiting for prices to fall even more to make a purchase.
Real estate experts think home sellers should slash their prices before putting their homes on the market to stay ahead of the curve and attract potential buyers.
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