Home prices weaken, foreclosure waves expected
New, but unfinished, homes languish on the market, and now the new Standard & Poor's / Case Schiller report finds prices weakened in the past month. Credit: AP
WASHINGTON - Home prices are falling further nationally, suggesting a bottom hasn't been reached in many metro areas.
Millions of foreclosures are expected to pour onto the market in the coming years. That's likely to force prices down and hurt even cities that had begun to rebound. Investigations into banks' foreclosure paperwork could further deter buyers and weigh down prices.
Standard & Poor's/Case-Shiller released its latest index for home prices in 20 major U.S metro areas Tuesday. The average price for all markets fell 0.2 percent in August, and 15 cities posted declines.
But some markets are doing relatively well. New York, Chicago and Washington have been showing consistent price increases since spring, though the pace of those increases faded over the summer. - AP
