US home prices lost 1.2% in October

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Source: Marketwatch

US home prices decreased by 1.2% in October, indicating 3.4% drop on a yearly basis. 19 out of 20 cities registered price decline with decrease in S&P/Case-Shiller 20-city composite home price index by 32.1% from its record in 2006.

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Tue, 27 Dec 2011 15:10:51 GMT

US housing prices declined more than expected

The prices of real estate decreased more than predicted, said S&P/Case-Shiller group on Tuesday. S&P/Case-Shiller index of real estate value in 20 cities fell 3.4% in October compared to corresponding period last year. Economists surveyed by Bloomberg forecast a 3.2% decline. Index currently is down 32.1% compared to its top figure in 2006.

Tue, 27 Dec 2011 15:09:50 GMT

Sears to close 120 stores

Retail chain operator Sears Holding Corp. announced it will close around 120 stores and alerted of harsh drop in earnings measure. After the announcement shares of Sears Holding Corp. plunged 17.67% to $37.75 per share. Company plans to generate cash of $140 million to $170 million from sales of locations and inventory. Sears currently operates about 4000 stores in the US and Canada.

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