Wednesday, April 15, 2009

Record drop in home price index

By: Bovemsa Cheung

Housing prices in 20 major cities fell at record monthly and annual levels in January, according to a private report issued Tuesday, with prices down 2.8% from December and 19% from a year earlier.

The S&P Case-Shiller Home Price Index, a comparison of price changes recorded when homes are resold, is considered to be one of the most accurate gauges of market trends available. Its 20-city index has been down for 30 straight months.

Month-over-month home prices fell in all 20 markets during January and are now at late 2003 levels.

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