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Tuesday, July 29, 2008
S&P/Case-Shiller: Home Prices Drop by Record Amount in May
Associated Press
NEW YORK--A closely watched housing index shows home prices fell by the steepest rate ever in May, as the housing slump continued to deepen in the U.S.
The Standard & Poor's/Case-Shiller 20-city index, released Tuesday, is off 15.8% for May compared with a year ago, a record decline since its inception in 2000. The narrower 10-city index has fallen 16.9%, its biggest decline in its 21-year history.
No city in the Case-Shiller 20-city index saw price gains in May, the second straight month that's happened. The monthly indices have not recorded an overall home price increase in any month since August 2006.
The steepest decline in the index is in Las Vegas, where prices fell 28.4% in the month. Miami is a close second, with prices down 28.3%.
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