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Us House Prices Have Fallen By 32.2% Since Peaking

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No recovery signs

House prices fell by 19.1% in the first three months of the year from the same time last year, the Standard & Poor's/Case-Shiller National Home Price index suggested.

It also showed home prices had fallen 32.2% since peaking in the second quarter of 2006.

However, it suggested that the pace of month-on-month declines had slowed.

The housing index, which looks at 20 key cities, saw prices fall by 18.7% in March from the year before.

These declines were slightly better than February's falls, and it was the second straight month that indexes did not post record drops.

But there were still no signs that home prices had hit the bottom, said David M Blitzer, chairman of the S&P index committee.

"We see no evidence that a recovery in home prices has begun," he said.

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