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South Florida

Home prices see record drop in 4th quarter

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Prices of existing single-family
homes nationwide showed record declines last year, according to
S&P/Case-Shiller Home Price Indices. The December report, released today, shows that in the
fourth quarter, home prices fell 18.2 percent compared to the same period in 2007, the largest drop in the past 21 years. In Miami, home prices were down 28.8 percent in the fourth
quarter. And between November and December 2008, prices fell 2.7 percent. TRD