Home Prices Post Record Decline

The latest S&P/Case-Shiller home price index data came out today and the numbers are grim. Data through December 2008 show that prices of existing single family homes across the United States continue to set record declines. The national index recorded an 18.2% decline in the 4th quarter of 2008 versus the 4th quarter of 2007, the largest in the series’ 21-year history. The 10-City and 20-City Composites also set new records, with annual declines of 19.2% and 18.5%, respectively. From the peak in the second quarter of 2006, average home prices are down 26.7% in the United States.

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