S&P: Home prices post 16 pct. annual drop in July
Home prices tumble by record amount
Associated Press
Published: September 30, 2008
NEW YORK (AP) -- A closely watched index shows home prices tumbling by the sharpest annual rate ever in July, but the rate of decline is slowing.
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The Standard & Poor's/Case-Shiller 20-city housing index released Tuesday fell a record 16.3 percent in July from the year-ago period, the largest drop since its inception in 2000. The 10-city index plunged 17.5 percent, its biggest decline in its 21-year history.
Home values in all 20 cities fell year-over-year, with Las Vegas prices plunging the most at nearly 30 percent.
However, the pace of declines has slowed over the last three months, but there is still no sign of a bottom, one of the index creators said.
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