Credit, Economy and Financial News from TruckingFactor.com

Home Prices Continue to Drop

The Standard & Poor's/Case-Shiller home price index revealed that prices of U.S. single-family homes plunged 18.5% in December from December 2007. The S&P/Case Shiller composite index of 20 metropolitan areas fell 2.5% in December from November. "There are very few, if any, pockets of turnaround that one can see in the data," David Blitzer, chairman of S&P's index committee, said. "Most of the nation appears to remain on a downward path." A separate index showed that home prices decreased at an 18.2% pace in the 4Q from the same period a year earlier. Since the housing market peak in the 2006 2Q, home prices have fallen 26.7%, according to the index.

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Date Last Updated: 02/26/2009