| "The figures underscored the disappointing new-home sales figures that were released by the government on Monday. " "The S&P/Case-Shiller composite index showed a drop of 0.7% from a year ago in the price of a single-family home, based on existing homes tracked over time in 10 metropolitan markets. In January 1994, the index dropped 0.9% compared with January 1993, S&P said. " "For its 20-city composite index, prices fell 0.2% from a year ago. Those figures have been collected since 2001. " "On a year-over-year basis, 11 of the 20 cities in the S&P index show lower prices. " "All cities in the survey, except Charlotte, showed prices flat or lower in January compared with December. " "MacroMarkets Chief Economist Robert Shiller said the composites clearly show the "dire" state of the real estate market across the nation. " ""The dismal growth in the 10-city composite is now at rates not seen since January 1994," Shiller said in a statement. " "The downward trend is reflected in data across the nation; certain cities, including San Diego, Detroit, Boston, Phoenix and Tampa have done worse. Portland, Ore., and Seattle, meanwhile, show some resistance to the downturn. " "Federal Reserve governors watch housing as one of the most important indicators of the health of the overall economy. " "Economists fret that the slump in housing will drag down growth as the slowdown affects consumer spending and the construction industry. " "Last Wednesday, Fed governors held the benchmark interest rate in place at 5.25%, meaning that the prime interest rate used
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