Real estate prices decline for a second consecutive month

Housing market progresses into 'correction phase' after two years of continuous increases, report says

Home prices slid for a second straight month in June, said an unofficial survey published on Tuesday, stoking fears that the slowdown might turn into a prolonged decline.

The China Real Estate Index System survey showed that average prices in China's 100 biggest cities fell 0.5 percent month-on-month in June, 0.18 percentage point faster than the 0.32 percent decline in May.