"Home prices in July fell 5.3% compared with a year ago, a government agency said Tuesday, and have now receded to October 2005 levels.
The home price index was down 0.6% from June on a seasonally adjusted basis, according to the Federal Housing Finance Agency.
The nationwide decline in home values coupled with reckless lending standards are the driving forces behind rising mortgage defaults and foreclosures, and the credit crisis that has shaken Wall Street to its core."
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Home price slide 5.3% in July
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