U.S. Home Prices Fell by Record in Second Quarter

Home prices in the U.S. fell by a record in the second quarter as sales dropped and mortgage lenders made it tougher to get a loan.

Home values declined 3.2 percent in the three months through June from the same period a year before, according to a report today by S&P/Case-Shiller.

The slump suggests sellers were taking further steps to attract buyers even before the recent rout in credit markets. Tighter loan restrictions, a result of delinquencies and defaults that have driven some lenders out of the market, will probably extend the two-year housing slump and apply more pressure to prices, economists said.

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- Posted: 2007-08-28 10:20:05

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