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Morning Mortgage Meltdown: Home Prices Tank, Again

We might as well cut and paste last month's assessment into this post— we deliver the same damn news every month, anyway. (Or close enough.) Prices of U.S. single-family homes plunged again in May, at a record pace from the previous year; each of 20 regions throughout the country declined for the second month straight. Now don't get your panties in a bunch quite yet— the numbers weren't as bad as expected (0.9 percent from April, 15.8 percent from April '07), and seven regions saw month-over-month increases. Prices are expected to drop through 2009. [Reuters]