February 26, 2008
Home prices drop 8.9 percent in three months | Key home price index shows record declines in 2007, double-digit drops in eight metro areas
A closely watched study shows U.S. home prices falling 8.9 percent in the fourth quarter of 2007. That marks the largest drop in the index's 20-year history and a full year of declining values.
The Standard & Poor's/Case Shiller home price indices reflect year-over-year declines in 17 metropolitan areas with double-digit declines in eight of them.
Index architect Robert J. Shiller said "wherever you look things look bleak."
The quarterly index tracks prices of existing-family homes nationwide compared with a year earlier.
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