House Price Declines Spread to Healthier Areas

Washington, DC, June 1, 2011 -- Housing price declines are hitting cities that for the most part have weathered the housing crisis with relatively little damage, according to an Associated Press report.

Severe price declines have spread to Dallas, Denver, Minneapolis and Cleveland, which had mostly withstood the housing bust since 2006, unlike hard hit areas such as Las Vegas.

Home prices in big metro areas have sunk to their lowest since 2002, the Standard & Poor's/Case-Shiller 20-city monthly index showed Tuesday.

Prices are expected to keep falling until the glut of foreclosures for sale is reduced, companies start hiring in greater force, banks ease lending rules and more people think it makes sense again to buy a house, AP said.