Home prices decline by 16.3 % in July in American cities

In major 20 cities across America home prices fell by more than 16 % and this has been one of the fastest pace at which housing recession has taken place. The S & P home price indexes went down by 16.3 %.

The major reason for financial crisis in the share market has been the fall in home rates that has caused foreclosures in banks to mount. Banks are preparing to make lending rules strict to limit loss in the market.