The S&P/Case-Shiller index of property values in 20 cities fell 4.4 percent from July 2010 suggesting that property prices likely fell during the month. This would be the 10th consecutive year-to-year drop demonstrating the continuing weakness in the U.S. economy.
Ã¢â‚¬Å“The risks are on the downside for U.S. home prices given the overhang of unsold homes and the weakness in the labor market,Ã¢â‚¬Â said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. Ã¢â‚¬Å“Foreclosure rates remain high, and that will likely put downward pressure on prices.Ã¢â‚¬Â
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