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The Case-Shiller monthly index covers half of all U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The December data is the latest available. Home values remain depressed despite some hopeful signs at the end of last year. Builders are growing more optimistic after seeing more people express interest in buying this year. Sales of previously occupied homes are at their highest level since May 2010. More first-time buyers are making purchases. And the supply of homes fell last month to its lowest point in nearly seven years, which could push home prices higher. Homes are the most affordable they've been in decades. And mortgage rates have never been cheaper. Much of the optimism has come because hiring has picked up. More jobs are critical to a housing rebound. Conditions are improving for those in position to buy a home. Still, many people can't afford to buy or are unable to qualify for mortgage. Some people in position to buy are holding off, worried that prices could fall even further. The biggest reason why prices are still falling is foreclosures, which are still high across the country. Foreclosures and short sales
-- when a lender accepts less for a home than what is owed on a mortgage -- are selling at an average discount of 20 percent.
[Associated
Press;
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