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Annie Baxter
St. Paul, Minn.

Index shows Twin Cities housing prices continue to decline

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A closely-followed index shows Twin Cities home prices fell seven-tenths of 1 percent between March and April of this year.

The Standard & Poor's/Case-Shiller National Home Price Index also shows an over-the-year Twin Cities home price decline of 22 percent.

The decline is much less steep than the previous month's report, which showed Twin Cities home prices plummeted a record 6 percent between February and March. Experts at S&P/Case-Shiller were not sure what the reasons were for that huge decline.

The index tracks 20 cities. In the report on April activity, the index showed that no area experienced year-over-year price gains. But nine cities either held flat or saw monthly price gains.

Las Vegas and Phoenix posted the largest monthly and annual declines.