A new study shows that home prices in the Phoenix area have dropped nearly 9 percent in the past year.
On a broader scale, the Standard & Poor's/Case Schiller quarterly index finds that U.S. home prices fell 4.5 percent in the third quarter compared to the same time a year earlier -- the sharpest drop since S&P began its nationwide housing index in 1987.
The index also showed that prices fell 1.7 percent from the previous three-month period, the largest quarter-to-quarter decline in the index's history. More...
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