US home price drop largest on record - S&P
(Agencies)
Updated: 2007-11-28 09:18
New York - Prices of existing US single-family homes slumped 4.5 percent in the third quarter from a year earlier, matching a record decline from the previous period as the housing downturn deepened, according to a national home price index on Tuesday.
A home in an undated image. Prices of existing US single-family homes slumped 4.5 percent in the third quarter from a year earlier, matching a record decline from the previous period as the housing downturn deepened, according to a national home price index on Tuesday. [Agencies]
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The S&P/Case-Shiller National Home Price Index fell 1.7 percent since June, marking the largest quarterly decline in the index's 21-year history, S&P said in a statement.
The composite month-over-month index of 20 metropolitan areas fell 0.9 percent to 195.62 in September from August, bringing the measure down 4.9 percent from a year earlier.
S&P said its older, composite month-over-month index of 10 metropolitan areas declined 0.9 percent in September to 212.65, for a 5.5 percent year-over-year drop.
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