Home Prices Falling in Most Major U.S. Cities

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Home prices are falling in most of the nation's largest cities, according to a new survey.

The Standard & Poor's/Case-Shiller 20-city index shows that from January to February, there were price declines in 19 cities.  And at least 10 major markets are at their lowest point since 2006 when the housing bubble burst.

Experts say that record foreclosure numbers are to blame because they force down home prices.

"It's hard to sell when buyers have the leverage and foreclosures continue to create a gap between distressed sale prices and non-distressed sale prices," said Jonathan Basile, director of economics at Credit Suisse.

Detroit was the only market to show a monthly gain.

"The speed of the economic recovery will be more moderate given the state of the U.S. housing sector," said Michael Gapen, a senior U.S. economist at Barclays Capital Inc. in New York.

Home prices are expected to continue to fall through 2011.

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