| Home prices falls record 11perc { March 25 2008 } Original Source Link: (May no longer be active) http://ap.google.com/article/ALeqM5hL1BztOWFNmmcLQ6aOP-BAz9FlMgD8VKFUOO0http://ap.google.com/article/ALeqM5hL1BztOWFNmmcLQ6aOP-BAz9FlMgD8VKFUOO0
US Home Prices Drop 11.4 Pct. in January March 25, 2008
NEW YORK (AP) — A widely-watched index of U.S. home prices fell 11.4 percent in January, its steepest drop since data for the indicator was first collected in 1987.
The decline reported Tuesday in the Standard & Poor's/Case-Shiller index means prices have been growing more slowly or dropping for 19 consecutive months.
The index tracks the prices of single-family homes in 10 major metropolitan areas in the U.S.
The broader 20-city composite index also fell, dropping 10.7 percent in January from a year ago. That makes it the first time both indexes dropped by double-digit percentages.
"Home prices continue to fall, decelerate and reach record lows across the nation," said David Blitzer, index committee chairman at S&P. "No markets seem to be completely immune from the housing crisis."
Blitzer said all 20 cities S&P tracks have seen dropping prices for five consecutive months. What's more, the declines are growing in severity, with 13 of the 20 cities reporting their biggest single monthly decline in January.
The worst performing markets are Las Vegas and Miami, which tied for worst off as they both reported 19.3 percent drops.
Charlotte, N.C., squeaked by as the only gainer, with a 1.8 percent rise in January.
Hosted by Google Copyright © 2008 The Associated Press. All rights reserved.
|
|