U.S. home prices fall on higher foreclosures

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Home prices dropped in 24 of 25 U.S. metropolitan areas in July, led by declines in Las Vegas and the coastal cities of California, as foreclosures depressed prices and accounted for a fifth of all sales.

Las Vegas had the biggest drop on a per-square foot basis, falling 33 percent in July from a year earlier, New York-based real estate data company Radar Logic said in a report Thursday. Los Angeles, Phoenix, Sacramento and San Francisco each dropped about 28 percent. Three of the five worst-performing markets were in California. . . .

Prices dropped 26.5 percent in San Diego from a year earlier, 24.1 percent in Miami, 17.9 percent in San Jose and 17.4 percent in Tampa, the report said.

Only Milwaukee saw home prices climb in July, rising 2.9 percent since July 2007. Prices have risen 3.6 percent there in the last two years. The only other city to see an increase in that period was Charlotte, N.C., which rose 1.5 percent. . . .