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Eighty four per cent of America’s housing markets suffered price declines over the first quarter of 2008, data released by Global Insight showed today.
According to the economic and financial analyst, 262 of 330 housing markets experienced declines during the first three months of the year. The average single family home price fell by an annualised rate of 6.7 per cent over the quarter.
Fewer highly-priced home sales, an abundance of foreclosed properties being sold at discount and tighter credit standards were all attributed to the fall in prices.
Published: 03-06-08
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