Sat, Nov 21 2009
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Home prices post 18.1 percent annual drop in April J.W. ELPHINSTONEAP Real Estate Writer Nevertheless, stabilizing home prices will help stem the foreclosure crisis. Eight of the 20 metros posted price gains from March, with Dallas recording the largest increase at 1.7 percent, the index showed. And every city except Charlotte showed some kind of improvement month-over-month. The 20-city index is off almost 33 percent from its peak in the second quarter of 2006, which means home values are now around 2003-levels. "Prices are still dropping. They're just no longer in freefall," Newport said. Hardest hit remain Phoenix and Las Vegas, where home prices have lost more than half their value since their peaks. The Case-Shiller index tracks repeat sales on a specific group of homes in each city. Sales between related parties, such as family members, are excluded. Copyright 2009 The Associated Press. 
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