October 30, 2007
Home prices slide at "remarkable" pace
By Matthew L. Brown
According to Standard & Poor's S&P/Case-Shiller Home Price Index, the prices of existing single family homes across the country made their eighth consecutive month of negative annual returns and the 21st consecutive month of decelerating returns in August.
Case-Shiller's 20-city composite index recorded an annual decline of 4.4 percent. The organization's 10-city index declined by 5 percent compared to August of last year, a rate of decline Case-Shiller said it hasn't seen since 1991.
Case-Shiller also said it was "remarkable" that eight of the 20 cities included in its 20-city index showed their lowest recorded annual returns ever. Boston, which is included in the 20-city index, reported a 3.6 percent decline in home prices since last year.
Case-Shiller's 20-city composite index recorded an annual decline of 4.4 percent. The organization's 10-city index declined by 5 percent compared to August of last year, a rate of decline Case-Shiller said it hasn't seen since 1991.
Case-Shiller also said it was "remarkable" that eight of the 20 cities included in its 20-city index showed their lowest recorded annual returns ever. Boston, which is included in the 20-city index, reported a 3.6 percent decline in home prices since last year.
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