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Home price declines accelerating in Los Angeles

(Xinhua)
Updated: 2008-06-25 08:37

LOS ANGELES - Home price declines in Los Angeles are accelerating as foreclosures continue to weaken the region's housing market, according to a report published on Tuesday.

Prices in Los Angeles continued falling at an annual rate of 23.1 percent, an increase from an annual rate of decline of 21.7 percent in March, according to the report by Case-Shiller, an estate consulting firm.

Nationwide housing price declines were also accelerating, now falling at a rate of 15.3 percent from year-earlier levels, said the report.

Meanwhile, Bloomberg News reported that home prices in 20 US metropolitan areas fell in April by the most on record, signaling the housing recession is far from over.

The Case-Shiller report also showed that the housing collapse is most severe in the west and Florida, with cities in those regions showing price declines much worse than the rest of the country.