Prices dropped 3.8% in the fourth quarter to levels last seen in 2002.Both the closely watched 20-city composite index and 10-city index declined 1.1% in December from a month earlier. The larger, benchmark index fell 3.9% and the 10-city index for December was 4% from a year earlier.
Of the top 20 largest metropolitan areas, just Miami at 0.2% and Phoenix at 0.8% experienced price appreciation in December from the prior month. Home prices in Atlanta fell 12.8% from a year earlier and Detroit was the only area to post a positive annual return, inching 0.5% higher than December 2010. **** READ MORE: Home prices end 2011 at lowest level since 2002 HousingWire
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