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S&P Home Price Index Shows Record Declines

The S&P/Case-Shiller U.S. National Home Price Index fell a record 16.6 percent during the third quarter of 2008 versus the same period a year ago, Standard and Poor’s reported this week. Home prices have returned to 2004 levels, while the index’s 10-City and 20-City Composites posted annual third quarter declines of 18.6 percent and 17.4 percent respectively, also new records.

All 20 of the metropolitan areas tracked by the index posted annual declines in September, and 13 of those cities reported record rates of decline. Phoenix, Las Vegas and San Francisco were the weakest markets, posting year-over-year declines of 31.9 percent, 31.3 percent and 29.5 percent respectively. Dallas and Charlotte, N.C. faired the best, declining 2.7 percent and 3.5 percent respectively.

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