U.S. home prices fell 2.7% in the third quarter and have dropped 4% over the past 12 months, according to data released Tuesday by the Federal Housing Finance Agency. That's the largest four-quarter drop in the history of the index, which dates to 1975.
"Prices continued their retreat in most areas in the third quarter," agency chief economist Patrick Lawler said. "While housing affordability has improved and may have drawn in some new buyers, it seems that high inventory levels and buyer uncertainty have had the dominant impact on prices."
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