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The S&P/Case-Shiller Home Price Index of 20 cities fell for the 22nd consecutive month.
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220,000 homes were lost to bank repossessions in the second quarter, and the annual forecast for 2008 will have to be revised upward.
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The median price for a homes dropped 1.3 percent to $219,000 in 2007, while total home sales plunged by 13 percent for the year.
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Calif. median home price - January 08: $430,370(Source: C.A.R.)
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Filings saw yet another big jump last month, compared to levels a year ago; 45,327 homes were lost to bank repossessions.
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NEW YORK (CNNMoney.com) -- Home prices continued their plunge during the last three months of 2007, setting a real estate trade group's record for the biggest-ever quarterly drop.
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Project Lifeline, a joint venture between the Bush administration and 6 major lenders, will offer delinquent borrowers a grace period to rework loans.
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Defaults are way up for the year, with once red-hot Sun-Belt markets reporting the worst losses.
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