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Although overall trends are still pointing in an upward direction for real estate price growth, recent figures from S&P CoreLogic Case-Shiller indicate a slowdown of the growth rate which could be a precursor of more economic contraction coming down the road.

Two recently published indices that take the temperature nationally and record what's happening in 20 key U.S. cities show drops in the rates or market appreciation. Overall the numbers are still going up - but not as fast. Nationwide prices were up 6.2% for the year in June and the 20 city figure show a rise of 6.3% as compared to a year ago. Western cities are currently the high price leaders with Las Vegas leading the pack by posting a 13% rise in price since last year followed closely behind by Seattle at 12.8% and perennial favorite San Francisco at 10.7%.

New York, which has been slammed by recent tax-law changes, was the only metro to chart a monthly decline. But its 3.8% annual gain wasn’t the lowest: Washington, D.C., prices rose only 2.9% for the year.

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