Home Sales Show Steep Drop in March

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Home prices in the U.S. fell in March by the largest amount in more than a year, signaling that the housing market is still showing signs of strain. Atlanta, Chicago and Cleveland showed the biggest declines.

The Commerce Department reported Tuesday that sales dropped 7.1 percent in March, which followed a 7 percent increase in February sales. Home prices have plunged a total of 35 percent since the housing market crashed in 2008.

Nearly half of U.S. states reported sharp increases in foreclosure activity in February. The pace of foreclosures is rising now that states have reached settlements with the nation's five biggest mortgage lenders over foreclosure abuses.

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