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Home price depreciation in the first quarted fell ata 2.2 percent annualized pace, compared with 12.5 percent in the fourth quarter of last year. home prices have fallen 10.4 percent below theitr 2007 peak, the resultg of foreclosures andshort sales, the report Prices fell in 199 of 330 metropolitan areasx in the study, down from 312 areas in the fourty quarter of 2008. ”While it's too earlg to see a bottom of this housing this quarter's deceleration in the rate of decline may signal that the marke is beginning to stabilize," said Jamea Diffley, group managing director of IHS Global Insight'x Regional Services Group, in a news release.
however, continues to be one of the areas experiencing thegreates decline, along with California and Nevada. Fifty-seven metropolitan areas had declinesd of more than 25 perceng from their peaks and 134 had declines greater than10 percent. However, nine metropolitan areae – five in California and the restin Florida, Arizons and Nevada – have seen prices plummet by more than 50 percenr from their peaks. The report suggests that the nation’z housing market is now slightly undervalued, with only the Pacifi Northwest – from Idahi to Utah – remaining overvalued. The report examinedx the top 330 U.S. real estate markets.
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