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Apr 29, 2008 6:47 pm US/Eastern

CBS4 Your Money: House Prices Decline

UNDATED (CBS4) ― CBS4 Your Money on Tuesday reports housing prices nationwide dropped in February at the fastest rate ever, reflecting that the housing slump is gaining momentum and showing no signs of letting up.
 
                    U.S. HOUSING PRICES CONTINUE TO DROP

The Standard & Poor's/Case-Shiller home price index showed Las Vegas had the biggest drop, at 22.8 percent, and South Florida was second at 21.7 percent. Those two areas experienced the sharpest appreciation in 2004 and 2005 with annual increases above 50 percent and 30 percent.

                    FLORIDA HOME FORECLOSURES RISE

The number of U.S. homes heading toward foreclosure more than doubled in the first quarter from a year earlier, as weakening property values and tighter lending left many homeowners powerless to prevent homes from being auctioned to the highest bidder, a research firm said Monday.

Florida was again one of the hardest hit states, with 87,893 homes reporting at least one foreclosure filing, a 178 percent jump from the first quarter of last year and a 17 percent hike from the fourth quarter last year. That translates into a foreclosure rate of one in every 97 households.

(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)

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