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House prices in the US dropped by 2.2 per cent from September to October 2008, the Standard & Poor’s/ Case-Shiller housing price index, released this week, has revealed.
According to the report, which tracks changes in the value of the residential real estate market in 20 metropolitan regions across the United States, the annual fall in values hit 18 per cent.
“The bear market continues; home prices are back to their March 2004 levels," David Blitzer, chairman on the Index Committee at Standard & Poor’s, said.
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