US prices plunge again

Those seeking bargains in the US property market may find more opportunities to do so following the publication of figures showing the highest year-on-year fall for any quarter in the history of one survey.

Standard & Poor's/Case-Shiller Home Price Indices revealed a record 19.1 per cent drop in this period.

Although the ten-city and 20-city indices - which cover some of the largest urban areas in the country - showed slight improvements on the last set of figures, they still saw declines of 18.6 per cent and 18.7 per cent respectively.

Some cities revealed particularly large dips, which may offer good bargain opportunities for investors.

These include falls of 31.2 per cent in Las Vegas, 30.1 per cent in San Francisco and 28.7 per cent in Miami.

Buyers in the latter city may find now is a good time to acquire property, according to real estate brokerage Mayfair International Realty.

Director of the firm Annette Reeve said the local evidence has been suggesting that the city is emerging as "one of the quickest" to bounce back from the property slump.