Home Prices Take Steepest Tumble Since 2000

Housing index fell by 15.3% in April versus a year ago
By Newser Editors and Wire Services
Posted Jun 24, 2008 10:42 AM CDT
A price reduced sign is posted at a home for sale in East Palo Alto, Calif., Monday, May 12, 2008.    (AP Photo/Paul Sakuma)
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(Newser) – US home prices tumbled in April at the fastest rate since the Standard & Poor's/Case-Shiller index started keeping track in 2000, with all 20 metropolitan areas surveyed posting annual declines for the first time. The index fell by 15.3% in April versus a year ago, according to today's report. Prices nationwide are at levels not seen since August 2004.

No surveyed city stayed above water, according to the Case-Shiller index. The last holdout, Charlotte, NC, finally succumbed to the national housing downturn, with prices there slipping 0.1% from a year ago. Las Vegas and Miami both continue to post the largest declines, falling 26.8% and 26.7%, respectively.