Single-Family Home Prices Hit 5-Year Low
MARY LOUISE KELLY, host:
NPR's business news starts with a new low for home prices.
(Soundbite of music)
KELLY: Prices for single-family homes have fallen to their lowest level since the housing bubble burst in 2006. The latest S&P/Case-Shiller index for March shows prices dropping in 18 out of 20 major metro areas. The nationwide index fell for the eighth straight month.
Minneapolis saw the biggest hit. Only Washington, D.C. and Seattle saw a slight increase in home prices over the previous month. A glut of foreclosures is one major reason home values continue to deteriorate.
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