Monday, February 28, 2011
2011 Top Picks from Consumer Reports
Six new models made our Top Picks list this year, representing a diverse selection from Japan, South Korea, and the U.S. No automaker dominates; the 10 picks come from six manufacturers and eight brands, which reflects the increasing competitiveness within today's auto market. Toyota is the only brand with more than one model.
Our Top Picks are the best all-around models in their categories. Chosen from the more than 270 vehicles we've recently tested, these vehicles scored well in our testing, have average or better predicted reliability, performed well in government or insurance-industry safety tests, if evaluated, and offer stability control—a proven, lifesaving feature.
Our Top Picks are the best all-around models in their categories. Chosen from the more than 270 vehicles we've recently tested, these vehicles scored well in our testing, have average or better predicted reliability, performed well in government or insurance-industry safety tests, if evaluated, and offer stability control—a proven, lifesaving feature.
Small car: Hyundai Elantra
Redesigned for 2011, the Elantra delivers a lot for the money. With its makeover, this well-rounded sedan is now more stylish and engaging to drive. The Elantra provides fairly nimble handling; a decent ride, a smooth, responsive powertrain; a well-finished interior; and a relatively roomy rear seat. It's also miserly on gas, achieving 29 mpg overall in our tests and 39 mpg on the highway. We expect this new model to be as reliable as the previous one. Price: $18,445Budget car: Honda Fit
Electronic stability control is now a standard feature in the 2011 Fit, which helps solidify this versatile subcompact hatchback as the best in its class and a great value. The Fit provides an amazing amount of interior space for its size, aided by a flexible rear-seat design in which the seatbacks can fold down or the lower cushion can flip up to open an area stretching from floor to ceiling. Agile handling makes the Fit enjoyable to drive. And it pays back with excellent fuel economy: 30 mpg overall with an automatic transmission, 33 mpg with a manual. Price: $16,020 to $16,730Family sedan: Nissan Altima
The Altima provides an impressive balance of comfort and performance while delivering some of the best fuel economy in its class: 26 mpg overall for four-cylinder models and 24 mpg with a V6. The Hybrid version gets 32 mpg. Its comfortable ride, secure handling, and spirited acceleration make the Altima enjoyable to drive. And it has a roomy, well-finished, and very quiet interior. The four-cylinder models earned an above-average reliability Rating, and the V6 model was average. Price: $23,970 to $30,335Small SUV: Toyota RAV4
The RAV4 returns to our Top Picks list for the fourth time in the past five years. Its winning formula includes a roomy interior, agile handling, and very good fuel economy for its class. The four-cylinder version provides the best gas mileage of any automatic, nonhybrid SUV we've tested. The spirited V6 version accelerates about as quickly as the Cadillac CTS and Volkswagen GTI and gets only 1 mpg less than the four-cylinder model. A small third-row seat is optional. Price: $25,405 to $31,435Green car: Toyota Prius
Even as more hybrids have entered the market in recent years, the Prius still gets the best fuel economy—44 mpg overall—of any vehicle we've recently tested. Moreover, the Prius is a pleasant car to drive, with a roomy interior, a comfortable ride, hatchback versatility, and excellent crash-test results. That combination of attributes has helped it earn our pick in this category for the eighth straight year, the longest run of any current model. Software problems in the antilock brake system affected the first-year reliability of this redesigned model, but those problems have been fixed. Price: $26,750Family SUV: Kia Sorento
The Sorento was redesigned for 2011 and is now a more well-rounded SUV. A roomy, nicely finished interior includes comfortable seats and easy-to-use controls. An optional third-row seat, although tight, allows the Sorento to carry up to seven passengers. The smooth V6 engine provides good performance and fuel economy—20 mpg overall—that's as efficient as the base four-cylinder engine. The Sorento is also stocked with an inviting list of features for its price, making it one of the bargains of this class. Price: $26,590 to $32,390Sporty car: Ford Mustang
One of the high points of this iconic sports car is the strong, rumbling V8 engine that propels our GT coupe and convertible test cars. It delivers scorching acceleration, a great exhaust sound, and good fuel economy for this class. For 2011, the Mustang received a refined, punchy V6, which provides strong acceleration and a decent 24 mpg overall with a manual transmission. But there's now more to the Mustang than power. Agile handling, a decent ride, comfortable front seats, and very good fit and finish make this thoroughly modern version a reasonable choice for daily driving. A tight rear seat limits passenger versatility, though. Price: $28,880 to $43,880Sports sedan: Infiniti G37
The G37's inviting combination of agile handling, blistering acceleration, and a luxurious interior makes it one of our highest-scoring sedans and earned it a spot on this list for the fifth straight year. It's fun to drive on a twisty road but is still a fairly comfortable cruiser on the highway. A snug cabin and small trunk are the only notable weaknesses. Rear-wheel drive is standard, all-wheel drive optional. New for 2011 is a less expensive G25 model that gets 24 mpg, 3 better than the G37. Price: $37,225Family hauler: Toyota Sienna
The previous Sienna set a high standard for minivans, earning it a place in our Top Picks in three of the past five years. Redesigned for 2011, the current model doesn't quite live up to that standard, but it's still a very comfortable, versatile minivan with excellent reliability. The spacious cabin can seat up to eight people. The engine delivers lively performance and decent fuel economy. And the Sienna is still the only minivan available with all-wheel drive. The redesigned Honda Odyssey scored slightly higher in our testing, but we don't have reliability data yet. Price: $35,810 to $38,201Pickup truck: Chevrolet Avalanche
This versatile crew-cab model is unique among full-sized pickups. Its unified bed and cab helps give it a steady, comfortable, quiet ride. And the innovative partition between the cab and bed can be folded to extend the cargo area into the back of the cab. That allows the truck to carry longer cargo. A three-piece bed cover provides a weather-tight and lockable cargo area. We recommend getting the optional backup camera to reduce the truck's large blind zone. Price: $47,435Jane Russell, star of '40s and '50s films, dies (AP)
LOS ANGELES - She was the voluptuous pin-up girl who set a million male hearts to pounding during World War II, the favorite movie star of a generation of young men long before she'd made a movie more than a handful of them had ever seen.
Such was the stunning beauty of Jane Russell, and the marketing skills of the man who discovered her, the eccentric billionaire Howard Hughes.
Russell, surrounded by family members, died Monday at her home in the central coast city of Santa Maria. Her death from respiratory failure came 70 years after Hughes had put her on the path to stardom with his controversial Western "The Outlaw." She was 89.
Although she had all but abandoned Hollywood after the 1960s for a quieter life, her daughter-in-law Etta Waterfield said Russell remained active until just a few weeks ago when her health began to fail. Until then she was active with her church, charities that were close to her heart and as a member of a singing group that made occasional appearances around Santa Maria.
"She always said I'm going to die in the saddle, I'm not going to sit at home and become an old woman," Waterfield told The Associated Press on Monday. "And that's exactly what she did, she died in the saddle."
It was an apt metaphor for a stunningly beautiful woman who first made her mark as the scandalously sexy and provocatively dressed (for the time) pal of Billy the Kid, in a Western that Hughes fought for years with censors to get into wide release.
As the billionaire battled to bring the picture to audiences, his publicity mill promoted Russell relentlessly, grinding out photos of her in low-cut costumes, swimsuits and other outfits that became favorite pinups of World War II GIs.
To contain her ample bust the designer of the "Spruce Goose" airplane used his engineering skills to make Russell a special push-up bra (one she said she never wore). He also bought the ailing RKO film studio and signed her to a 20-year contract that paid her $1,000 a week.
By the time she made her third film, the rollicking comedy-western "The Paleface," in which she played tough- but-sexy Calamity Jane to Bob Hope's cowardly dentist sidekick, she was a star.
She went on to appear in a series of potboilers for RKO, including "His Kind of Woman" (with Robert Mitchum), "Double Dynamite" (Frank Sinatra, Groucho Marx), "The Las Vegas Story" (Victor Mature) and "Macao" (Mitchum again).
Although her sultry, sensual look and her hourglass figure made her the subject of numerous nightclub jokes, unlike Marilyn Monroe, Rita Hayworth and other pinup queens of the era, Russell was untouched by scandal in her personal life.
During her Hollywood career she was married to star UCLA and pro football quarterback Bob Waterfield.
"The Outlaw," although it established her reputation, was beset with trouble from the beginning. It took two years to make, according to its theatrical trailer, and director Howard Hawks, one of Hollywood's most eminent and autocratic filmmakers, became so rankled under producer Hughes' constant suggestions that he walked out.
"Hughes directed the whole picture — for nine bloody months!" Russell said in 1999.
It had scattered brief runs beginning in 1943, earning scathing reviews. The Los Angeles Times called it "one of the weirdest Western pictures that ever unreeled before the public."
Russell's only other notable film was "Gentlemen Prefer Blondes," a 1953 musical based on the novel by Anita Loos that cast her opposite Monroe.
She followed that up with the 1954 musical "The French Line," which — like "Gentlemen Prefer Blondes" — had her cavorting on an ocean liner. The film was shot in 3-D, and the promotional campaign for it proclaimed "J.R. in 3D. Need we say more?"
In 1955, she made the sequel "Gentlemen Marry Brunettes" (without Monroe) and starred in the Westerns "The Tall Men," with Clark Gable, and "Foxfire," with Jeff Chandler. But by the 1960s, her film career had faded.
"Why did I quit movies?" she remarked in 1999. "Because I was getting too old! You couldn't go on acting in those years if you were an actress over 30."
She continued to appear in nightclubs, television and musical theater, including a stint on Broadway in Stephen Sondheim's "Company." She formed a singing group with Connie Haines and Beryl Davis, and they recorded gospel songs.
For many years she served as TV spokeswoman for Playtex bras, and in the 1980s she made a few guest appearances in the TV series "The Yellow Rose."
She was born Ernestine Jane Geraldine Russell on June 21, 1921, in Bemidji, Minn., and the family later moved to Los Angeles' San Fernando Valley. Her mother was a lay preacher, and she encouraged the family to build a chapel in their back yard.
Despite her mother's Christian teachings, young Jane had a wild side. She wrote in her 1985 autobiography, "My Paths and Detours," that during high school she had a back-alley abortion, which may have rendered her unable to bear children.
Her early ambition was to design clothes and houses, but that was postponed until her later years. While working as a receptionist, she was spotted by a movie agent who submitted her photos to Hughes.
The producer was famous for dating his discoveries, as well as numerous other Hollywood actresses, but his contact with Russell remained strictly business. Her engagement and 1943 marriage to Waterfield assured that.
She was the leader of the Hollywood Christian Group, a cluster of film people who gathered for Bible study and good works. After experiencing problems in adopting her three children, she founded World Adoption International Agency, which has helped facilitate adoptions of more than 40,000 children from overseas.
She made hundreds of appearances for WAIF and served on the board for 40 years.
As she related in "My Path and Detours," her life was marked by heartache. Her 24-year marriage to Waterfield ended in bitter divorce in 1968. They had adopted two boys and a girl.
That year she married actor Roger Barrett; three months later he died of a heart attack. In 1978 she married developer John Peoples, and they lived in Sedona, Ariz., and later, Santa Barbara. He died in 1999 of heart failure.
Over the years Russell was also beset by alcoholism.
Always she was able to rebound from troubles by relying on lessons she learned from her Bible-preaching mother.
"Without faith, I never would have made it," she commented a few months after her third husband's death. "I don't know how people can survive all the disasters in their lives if they don't have any faith, if they don't know the Lord loves them and cares about them and has another plan."
Survivors include her children, Thomas K. Waterfield, Tracy Foundas and Robert "Buck" Waterfield, six grandchildren and 10 great-grandchildren.
A public funeral is scheduled March 12 at 11 a.m. at Pacific Christian Church in Santa Maria.
In lieu of flowers the family asks that donations be made in her name to either the Care Net Pregnancy and Resource Center of Santa Maria or the Court Appointed Special Advocates of Santa Barbara County.
Such was the stunning beauty of Jane Russell, and the marketing skills of the man who discovered her, the eccentric billionaire Howard Hughes.
Russell, surrounded by family members, died Monday at her home in the central coast city of Santa Maria. Her death from respiratory failure came 70 years after Hughes had put her on the path to stardom with his controversial Western "The Outlaw." She was 89.
Although she had all but abandoned Hollywood after the 1960s for a quieter life, her daughter-in-law Etta Waterfield said Russell remained active until just a few weeks ago when her health began to fail. Until then she was active with her church, charities that were close to her heart and as a member of a singing group that made occasional appearances around Santa Maria.
"She always said I'm going to die in the saddle, I'm not going to sit at home and become an old woman," Waterfield told The Associated Press on Monday. "And that's exactly what she did, she died in the saddle."
It was an apt metaphor for a stunningly beautiful woman who first made her mark as the scandalously sexy and provocatively dressed (for the time) pal of Billy the Kid, in a Western that Hughes fought for years with censors to get into wide release.
As the billionaire battled to bring the picture to audiences, his publicity mill promoted Russell relentlessly, grinding out photos of her in low-cut costumes, swimsuits and other outfits that became favorite pinups of World War II GIs.
To contain her ample bust the designer of the "Spruce Goose" airplane used his engineering skills to make Russell a special push-up bra (one she said she never wore). He also bought the ailing RKO film studio and signed her to a 20-year contract that paid her $1,000 a week.
By the time she made her third film, the rollicking comedy-western "The Paleface," in which she played tough- but-sexy Calamity Jane to Bob Hope's cowardly dentist sidekick, she was a star.
She went on to appear in a series of potboilers for RKO, including "His Kind of Woman" (with Robert Mitchum), "Double Dynamite" (Frank Sinatra, Groucho Marx), "The Las Vegas Story" (Victor Mature) and "Macao" (Mitchum again).
Although her sultry, sensual look and her hourglass figure made her the subject of numerous nightclub jokes, unlike Marilyn Monroe, Rita Hayworth and other pinup queens of the era, Russell was untouched by scandal in her personal life.
During her Hollywood career she was married to star UCLA and pro football quarterback Bob Waterfield.
"The Outlaw," although it established her reputation, was beset with trouble from the beginning. It took two years to make, according to its theatrical trailer, and director Howard Hawks, one of Hollywood's most eminent and autocratic filmmakers, became so rankled under producer Hughes' constant suggestions that he walked out.
"Hughes directed the whole picture — for nine bloody months!" Russell said in 1999.
It had scattered brief runs beginning in 1943, earning scathing reviews. The Los Angeles Times called it "one of the weirdest Western pictures that ever unreeled before the public."
Russell's only other notable film was "Gentlemen Prefer Blondes," a 1953 musical based on the novel by Anita Loos that cast her opposite Monroe.
She followed that up with the 1954 musical "The French Line," which — like "Gentlemen Prefer Blondes" — had her cavorting on an ocean liner. The film was shot in 3-D, and the promotional campaign for it proclaimed "J.R. in 3D. Need we say more?"
In 1955, she made the sequel "Gentlemen Marry Brunettes" (without Monroe) and starred in the Westerns "The Tall Men," with Clark Gable, and "Foxfire," with Jeff Chandler. But by the 1960s, her film career had faded.
"Why did I quit movies?" she remarked in 1999. "Because I was getting too old! You couldn't go on acting in those years if you were an actress over 30."
She continued to appear in nightclubs, television and musical theater, including a stint on Broadway in Stephen Sondheim's "Company." She formed a singing group with Connie Haines and Beryl Davis, and they recorded gospel songs.
For many years she served as TV spokeswoman for Playtex bras, and in the 1980s she made a few guest appearances in the TV series "The Yellow Rose."
She was born Ernestine Jane Geraldine Russell on June 21, 1921, in Bemidji, Minn., and the family later moved to Los Angeles' San Fernando Valley. Her mother was a lay preacher, and she encouraged the family to build a chapel in their back yard.
Despite her mother's Christian teachings, young Jane had a wild side. She wrote in her 1985 autobiography, "My Paths and Detours," that during high school she had a back-alley abortion, which may have rendered her unable to bear children.
Her early ambition was to design clothes and houses, but that was postponed until her later years. While working as a receptionist, she was spotted by a movie agent who submitted her photos to Hughes.
The producer was famous for dating his discoveries, as well as numerous other Hollywood actresses, but his contact with Russell remained strictly business. Her engagement and 1943 marriage to Waterfield assured that.
She was the leader of the Hollywood Christian Group, a cluster of film people who gathered for Bible study and good works. After experiencing problems in adopting her three children, she founded World Adoption International Agency, which has helped facilitate adoptions of more than 40,000 children from overseas.
She made hundreds of appearances for WAIF and served on the board for 40 years.
As she related in "My Path and Detours," her life was marked by heartache. Her 24-year marriage to Waterfield ended in bitter divorce in 1968. They had adopted two boys and a girl.
That year she married actor Roger Barrett; three months later he died of a heart attack. In 1978 she married developer John Peoples, and they lived in Sedona, Ariz., and later, Santa Barbara. He died in 1999 of heart failure.
Over the years Russell was also beset by alcoholism.
Always she was able to rebound from troubles by relying on lessons she learned from her Bible-preaching mother.
"Without faith, I never would have made it," she commented a few months after her third husband's death. "I don't know how people can survive all the disasters in their lives if they don't have any faith, if they don't know the Lord loves them and cares about them and has another plan."
Survivors include her children, Thomas K. Waterfield, Tracy Foundas and Robert "Buck" Waterfield, six grandchildren and 10 great-grandchildren.
A public funeral is scheduled March 12 at 11 a.m. at Pacific Christian Church in Santa Maria.
In lieu of flowers the family asks that donations be made in her name to either the Care Net Pregnancy and Resource Center of Santa Maria or the Court Appointed Special Advocates of Santa Barbara County.
Hope as rare rhino calves filmed in Indonesia
SERANG, Indonesia (AFP) – Hidden cameras have captured proof that Javan rhinos are breeding in Indonesia's Ujung Kulon National Park, the last redoubt for the endangered mammals, conservationists said Monday.
Footage of two adults with two calves was taken in November and December last year by cameras hidden in the jungle of the rhino sanctuary on the southwestern tip of Java island, environmental group WWF said.
"This is fantastic news because before these camera trap images surfaced, only 12 other Javan rhino births were recorded in the past decade," WWF-Indonesia Ujung Kulon programme chief Adhi Hariyadi said.
"The population in Ujung Kulon represents the last real hope for the survival of a species that is on the brink of extinction."
The video clip show two females with their calves, one a female aged about a year and the other a younger male. They enter a small clearing in the jungle and appear to approach the hidden camera.
Environmentalists had believed there were only about 40 Javan rhinos left in the wild, but the camera data have led them to believe there could now be up to 50.
Of five rhino species, three including the Javan are critically endangered, mainly due to the growing demand for rhino horn.
The horns are ground into powder and used in traditional Chinese and other Asian medicines, although they have no scientifically proven medicinal value.
Ujung Kulon National Park authority chief Agus Priambudi said the new footage would help conservationists protect the last wild Javan rhino population.
A handful of Javan rhinos are also believed to exist in Vietnam but conservationists say those individuals, if they are still alive, are not a sustainable population.
"The camera enables us to know the position of the rhinos, their sex and whether there are pregnant rhinos among them. It's very important for the breeding process and conservation efforts," he told reporters.
"It will also help us to protect them from poaching... By knowing exactly where the rhinos usually roam, it's easier for our rangers to provide security for them."
Conservationists celebrated the discovery of the calves but warned that Ujung Kulon's rhino population remained extremely vulnerable.
Threats include poachers, habitat loss due to illegal clearing, disease from livestock that wander into the park from surrounding paddocks, tsunamis triggered by earthquakes and eruptions from the nearby Anak Krakatau volcano.
"We know that Ujung Kulon sits on a hot spot due to the active volcano, Anak Krakatau, and on plates with high seismic activity," WWF's Hariyadi said.
"The risk of extinction due to natural disaster is quite high."
With these threats in mind, officials are preparing to move up to five female and three male rhinos to another forest sanctuary on Java.
"We're really careful about executing the project and we're involving many experts," Hariyadi said.
Wednesday, February 23, 2011
Home prices fall 4.1%, near 2009 lows
Home prices took a big hit at the end of 2010, even as the rest of the economy gained steam.
National home prices fell 4.1% during the last three months of 2010, compared with 12 months earlier, according to the latest report from the S&P/Case-Shiller home price index, a closely watched indicator of market trends. They were down 1.9% compared with three months earlier.
"Despite improvements in the overall economy, housing continues to drift lower and weaker," said David Blitzer, spokesman for S&P.
And things may get a lot worse, said Robert Shiller, a Yale economist and half of the Case-Shiller team, in a web conference after the report's release.
"There's a substantial risk of home prices falling another 15%, 20% or 25% more," he said.
Shiller cited a few reasons for his bearish stance. The government is expected to reduce the presence of Fannie Mae and Freddie Mac in the housing market. These agencies currently provide loan guarantees for about two-thirds of mortgages. If they fade away, private mortgage money will have to fill the gap and the cost of mortgage borrowing will surely rise. That will hurt home prices.
There's also talk of possibly ending the mortgage interest tax deduction for many homeowners. Meanwhile, the weak economic recovery may be threatened by higher oil prices as a result of turmoil in the Mideast.
At the web conference, Shiller's index partner Karl Case wasn't much more optimistic.
"I see [the market] bouncing along the bottom with a slight negative trend," said Case, an economics professor emeritus at Wellesley College.
A widespread drop
On a seasonally adjusted basis, the national index surpassed the low it hit in the first quarter of 2009.
The decline was widespread, with 18 of the 20 large cities covered by a separate S&P/Case-Shiller index recording losses for the year. The only gains were posted by Washington, which was up 4.1%, and San Diego, which saw prices climb 1.7%.
The biggest loser for the year was Detroit, where prices dropped 9.1%.
"We're really close to being at the bottom again," said S&P's Maureen Maitland. "Last year's gains came courtesy of the tax incentives and the market is not holding up on its own."
The impact of homebuyer tax credits ended back last spring, and the two quarters of data since then reflect that. Prices fell steeply during the third quarter, down 3.3%. When the credit was in effect, prices rose consistently, up four out of five quarters starting in the second quarter of 2009.
S&P reported that both the company's 10- and 20-city indexes also fell month over month. In three cities, Detroit, Cleveland and Las Vegas, home prices have dropped below their January 2000 levels -- yes, you'd have to go back to the past millennium to find lower prices there.
Eleven markets, including New York and Chicago, have reached their lowest levels since home prices peaked in 2006 and 2007.
The losses were not unexpected, according to Brad Hunter, chief economist for Metrostudy, a housing market research firm.
"It's clear now that, going back to last fall, the apparent strength was a false strength," he said. "Now that the tax credits are gone, we're back to where the training wheels are off, to normal consumer demand."
He expects home prices to decline gradually throughout 2011, with markets picking up only when hiring increases substantially.
National home prices fell 4.1% during the last three months of 2010, compared with 12 months earlier, according to the latest report from the S&P/Case-Shiller home price index, a closely watched indicator of market trends. They were down 1.9% compared with three months earlier.
"Despite improvements in the overall economy, housing continues to drift lower and weaker," said David Blitzer, spokesman for S&P.
And things may get a lot worse, said Robert Shiller, a Yale economist and half of the Case-Shiller team, in a web conference after the report's release.
"There's a substantial risk of home prices falling another 15%, 20% or 25% more," he said.
Shiller cited a few reasons for his bearish stance. The government is expected to reduce the presence of Fannie Mae and Freddie Mac in the housing market. These agencies currently provide loan guarantees for about two-thirds of mortgages. If they fade away, private mortgage money will have to fill the gap and the cost of mortgage borrowing will surely rise. That will hurt home prices.
There's also talk of possibly ending the mortgage interest tax deduction for many homeowners. Meanwhile, the weak economic recovery may be threatened by higher oil prices as a result of turmoil in the Mideast.
At the web conference, Shiller's index partner Karl Case wasn't much more optimistic.
"I see [the market] bouncing along the bottom with a slight negative trend," said Case, an economics professor emeritus at Wellesley College.
A widespread drop
On a seasonally adjusted basis, the national index surpassed the low it hit in the first quarter of 2009.
The decline was widespread, with 18 of the 20 large cities covered by a separate S&P/Case-Shiller index recording losses for the year. The only gains were posted by Washington, which was up 4.1%, and San Diego, which saw prices climb 1.7%.
The biggest loser for the year was Detroit, where prices dropped 9.1%.
"We're really close to being at the bottom again," said S&P's Maureen Maitland. "Last year's gains came courtesy of the tax incentives and the market is not holding up on its own."
The impact of homebuyer tax credits ended back last spring, and the two quarters of data since then reflect that. Prices fell steeply during the third quarter, down 3.3%. When the credit was in effect, prices rose consistently, up four out of five quarters starting in the second quarter of 2009.
S&P reported that both the company's 10- and 20-city indexes also fell month over month. In three cities, Detroit, Cleveland and Las Vegas, home prices have dropped below their January 2000 levels -- yes, you'd have to go back to the past millennium to find lower prices there.
Eleven markets, including New York and Chicago, have reached their lowest levels since home prices peaked in 2006 and 2007.
The losses were not unexpected, according to Brad Hunter, chief economist for Metrostudy, a housing market research firm.
"It's clear now that, going back to last fall, the apparent strength was a false strength," he said. "Now that the tax credits are gone, we're back to where the training wheels are off, to normal consumer demand."
He expects home prices to decline gradually throughout 2011, with markets picking up only when hiring increases substantially.
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