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Tuesday, September 30, 2008
Home Prices Post Historic 16% Annual Drop
FOXBusiness
Home prices are still falling, but the rate of their decline has slowed since earlier this year, according to a closely watched index.
The Standard & Poor's/Case-Shiller 20-city housing index released Tuesday fell a record 16.3% in July from the same period a year ago. It was the largest drop since the inception of the index in 2000. The 10-city index plunged 17.5%, its biggest decline in the index’s 21-year history.
Home values in all 20 cities fell year-over-year, with Las Vegas prices plunging the most at nearly 30%.
“While some cities did show some marginal improvements over last month’s data, there is still very little evidence of any particular region experiencing an absolute turnaround,” David Blitzer, an S&P official, said in a statement.
But prices aren’t falling as rapidly as they were earlier this year, according to the index.
Nevertheless, one of the index creators said there’s no telling when home prices might reach a bottom.
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