The latest S&P/Case-Shiller index, the closely-watched report on existing home sales in 20 major U.S. cities, reports an 18.6% decrease in home prices from the previous year, but here's the spin being put on it: the market may have finally hit bottom. The January index saw a record 19% drop, meaning the 16-month stretch of consecutive month-to-month declines has ended. The bad local news: the WSJ notes that the year-to-year declines in New York topped 10% for the first time. [Bloomber; WSJ]
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