July 31, 2007 - Home Prices Down, Foreclosures Up
Home prices in 20 major cities across the country fell 2.8 percent in May to the lowest levels in six years, according the S&P/Case-Shiller index released today.
The group’s 10-city index, which has a longer track record, fell 3.4 percent in May, the biggest drop since 1991.
Prices in Detroit fell the most, down by 11.1 percent, followed by San Diego, down 7 percent. On the other hand, home prices in Seattle increased the most by 9.1 percent, followed by Charlotte, N.C., up 7 percent.
Meanwhile, U.S. home foreclosure filings rose 58 percent in the first six months of the year and could surpass 2 million this year, according to RealtyTrac. At this rate, the online reporting service for foreclosure properties says there is one filing for every 134 households.