U.S. home prices tumbled during the 12 months ended in August as foreclosures reduced property values and a global credit crisis cut lending.

Home prices dropped 5.9 percent from a year earlier, the Federal Housing Finance Agency said today in a report. The one- month decline from July was a seasonally adjusted 0.6 percent, according to the Washington-based federal agency.

A surge of home foreclosures is reducing the value of U.S. neighborhoods because real estate prices are determined by so- called comparable sales, or similar properties nearby. Every foreclosure cuts the value of surrounding homes by about $220,000 as it stigmatizes the block and sells at a discounted price, according to the Federal Deposit Insurance Corp.

At the end of June, U.S. banks held $9.9 billion of foreclosed properties, up from $8.5 billion worth three months earlier, according to an FDIC report. Every three months, another 250,000 homes enter foreclosure, the report said.

A prior measure of August home prices, issued by the National Association of Realtors in Chicago on Sept. 24, showed the U.S. median sale price plummeted 9.5 percent in August to $203,100 from $224,400 a year earlier, the biggest drop on record.

The Realtors' study included all homes sold, regardless of price, while the federal study excluded properties purchased with mortgages higher than the so-called conforming loan limit. For most parts of the U.S. that maximum is $417,000, though Congress voted in February to temporarily raise the cap to $729,750 in some high-cost markets.

The volume of new mortgages used to purchase homes will drop to $911 billion this year from $1.14 trillion in 2007, the Washington-based Mortgage Bankers Association said in an Oct. 21 forecast. The annual volume probably won't rise above $1 trillion until 2010, the bankers group said.

The Federal Housing Finance Agency was created three months ago from the Office of Federal Housing Enterprise Oversight and the Federal Housing Finance Board.

The government in September seized Fannie Mae and Freddie Mac, the world's two largest mortgage buyers, after a surge of foreclosures threatened to topple them.

To contact the reporter on this story: Kathleen M. Howley in Boston at kmhowley@bloomberg.net.

At the end of June, U.S. banks held $9.9 billion of foreclosed properties, up from $8.5 billion worth three months earlier, according to an FDIC report. Every three months, another 250,000 homes enter foreclosure, the report said.

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Vamos a entresacar la esencia del texto:

prices tumbled,
foreclosures reduced property values,
global credit crisis cut lending,
Home prices dropped,
surge of home foreclosures,
reducing the value of U.S. neighborhoods,
sells at a discounted price,
Every three months 250,000 homes enter foreclosure,
sale price plummeted,
biggest drop on record,
new mortgages will drop to $911 billion from $1.14 trillion in 2007.

Qué clase de droga dura mantiene las constantes vitales de A&C para seguir troleando?

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Y que sí, que sí, que trolleo , pero según vosotros USA está en lo peor de la crisis, que a nosotros nos llegará en un año, y la vivinda sólo ha bajado un 6% en un año. Y es un reportaje de bloomberg, no de cualquier medio partidista español.

Home prices dropped 5.9 percent from a year earlier, the Federal Housing Finance Agency said today in a report

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