WASHINGTON — U.S. home prices fell 6.3 percent in May from a year earlier as foreclosures weigh down values and purchases slump.
The decline was led by a 9.9 percent decrease in the region that includes California, the Federal Housing Finance Agency said Thursday in a report.
Foreclosures have boosted the supply of available homes and reduced prices because the properties sell at a discount. Low interest rates have done little to stimulate demand for homes as mortgage standards tighten.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.