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'Cause This is Shiller, Shiller Night

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The S&P Case-Shiller Home Price Index, which tracks home sales in 20 metropolitan areas, declined 18.7% in March when compared to the same month a year ago. That's just above the 18.6% drop logged in February, and shy of January's record 19% dip. The New York market dropped 12% in March (following February's double-digit fall), but as the Times notes, prices are still up nearly 75% from January 2000. Obligatory scary quote: "Foreclosures have picked up, and that seems to be pushing prices down. The recession is really biting." [NYT]