Home prices dropped 16% in May from May 2007 – with a decline of 23% since the peak in July 2006. On a month-by-month basis, prices dropped by 0.9% Not all the data were negative. Of the 20 markets tracked, house prices rose in 7. But many economists are saying that the housing market has yet to bottom out because home supply still outstrips demand in some areas of the country. As usual, the previous hot-spots Las Vegas and Miami saw the largest declines – over 28% down from last year.

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