US house prices remain in slump

Another wave of foreclosures looms over America, tempering any hope of the housing market assisting economic recovery.

The US recovery appears to have quickened in recent weeks. But the housing market remains a black spot. The widely monitored Case-Shiller index tracking prices in 20 major cities fell for a seventh month in a row in November, leaving prices 3.7% down on November 2010 a faster year-on-year drop than in the previous month. Prices are 34% down on their 2006 peak.

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