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 plunged 18.2% during the quarter from the same period a year ago, the largest drop in its 21-year history. Prices are now at levels not seen since the third quarter of 2003. In the month of December, the Case-Shiller 20-city index plunged 18.5% from December 2007 levels, while the 10-city index, which includes Los Angeles, Miami and Las Vegas, dropped 19.2%. Prices in the 20-city index, which includes other large metro areas such as Atlanta, Dallas and Detroit, have plummeted 27% from their peak in the summer of 2006, and the 10-city index has fallen more than 28%.
Home prices post record annual decline in 4Q
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