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Home Prices Drop in Three-Fourths of U.S. Metropolitan Areas

Home prices fell in more than three-fourths of U.S. cities in the first quarter as foreclosures that sell at cut-rate prices devalued real estate.

The median price of a single-family home dropped in 118 metropolitan areas out of 153 cities measured, the National Association of Realtors said in a report today. The biggest decline was in Biloxi, Mississippi, followed by Akron, Ohio.