S&P/Case-Shiller Home Prices Indices Set New Record Annual Declines

A closely watched index shows home prices dropped by the sharpest annual rate on record in November. The Standard & Poor's/Case-Shiller 20-city housing index released today tumbled by a record 18.2 percent from November 2007, the largest decline since its inception in 2000. The 10-city index dropped 19.1 percent, tied with October for the biggest drop in its 21-year history. Both indices have recorded year-over-year declines for 23 straight months. Prices are at levels not seen since February 2004. Prices in the 20-city index have plummeted 25.1 percent from their peak in July 2006. The 10-city index has fallen 26.6 percent since its peak in June 2006. All 20 cities recorded year-over-year declines in November.

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