Home prices in the U.S. dropped 1.5% in August from a year ago, the first annual drop in prices measured in the CoreLogic (CLGX) Home Price Index in 2010. Prices did stay 0.6% above the level in the July, but more individual markets saw declines. Nationally, prices have dropped 28.7% from the peak in April 2006. Analysts at Clear Capital warned prices could drop to new lows in 2011. In August, 78 of the 100 metropolitan statistical areas surveyed by CoreLogic had price drops, compared to 58 in July, according to Mark Fleming, chief economist for the analytics firm. Maine had the highest appreciation in prices at 5.8%, followed by a 3.7% increase in New York and a 2.5% gain in Connecticut. Prices fell the most in Idaho, by 14% in August, a 10.4% decline for Alabama and 7.3% for Utah. Write to Jon Prior.
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