The value of existing U.S. single-family homes in metropolitan areas fell 7.6 percent in the second quarter of the year compared with the same period in 2007, with homes in the western United States dropping 17.4 percent in value, the National Association of Realtors (NAR) reported on Thursday. The quarterly survey of metropolitan region prices also showed that prices fell in 115 of the 150 areas, with several California cities experiencing sharp declines in prices. A region including parts of Los Angeles and Long Beach saw home-price declines of 29.5 percent, while Riverside-San Bernadino recorded a 32.7 percent drop from the same quarter of last year. Several Florida regions that experienced big price gains during the recent housing boom have fallen sharply, with the Gulf coast city of Fort Myers recording a 33.1 percent drop in values. Tampa-St. Petersburg saw prices fall 18.8 percent in the quarter. NAR said that about one-third of home transactions are distressed sales that either take place through foreclosure or “short sales,” where the holder of the mortgage agrees to take a loss.
