The S&P/Case-Shiller Home Price Index measures three-month rolling average home prices in 20 large cities around the country. The good news, if there is any, is that Cleveland home prices did not fall as fast in December 2010 as they did the month before. Cleveland home prices fell about half a percent. Nationwide, home prices slid in all US cities on the index except for Washington DC. Cleveland though wins the dubious distinction of recording an average home price below that of Jan 2000. Only Las Vegas and Detroit join Cleveland in that group.
Cleveland home prices had been on the rise in early 2010, but have been sliding backwards since July when a federal homebuying incentive intended to jumpstart the market expired.
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