With mortgage applications at 1996 levels, it will put more pressure on home prices.
Home prices in the U.S. fell 5.9 percent in the second quarter from a year earlier, the biggest decline since 2009, as foreclosures added to the inventory of properties for sale.
Prices dropped 0.6 percent from the prior three months, the Federal Housing Finance Agency said today in a report from Washington. In June, prices retreated 4.3 percent from a year earlier, while increasing 0.9 percent from the previous month.
And in CA
Read it allHome prices in June fell the most in the region that includes California, slumping 8 percent from a year earlier, the FHFA said. They decreased 7.9 percent in the area that includes Nevada and Arizona.