Home prices post record decline in Q4 from 2007
ByABC News
February 24, 2009, 3:24 PM
NEW YORK -- A widely watched index shows home prices tumbled by the sharpest annual rate on record in the fourth quarter and in December.
The Standard & Poor's/Case-Shiller U.S. National Home Price Index was down 18.2% in the fourth quarter from a year ago, largest drop in its 21-year history. Prices are now at levels last seen in third quarter 2003.
In December, the Case-Shiller 20-city index was down 18.5% from December 2007, while the 10-city index dropped 19.2%.
Prices in the 20-city index have plummeted 27% from their peak in the summer 2006, and the 10-city index has fallen more than 28%.
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