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Home Prices Take Another Nose-Dive

Fall record 18% in year to October

By Matt Cantor, Newser Staff

Posted Dec 30, 2008 9:07 AM CST

(Newser) – Home prices in 20 US cities plunged 18% in October over the previous year, a record-breaking rate, Bloomberg reports. The S&P/Case-Shiller index, which has declined every month since January 2007, dropped 17.2% in September. "The bear market continues; home prices are back to their March 2004 levels," the chairman of S&P's index committee tells the Wall Street Journal.

The 20-city index is down 23% from its mid-2006 peak. Phoenix was the hardest-hit city, with prices falling 33%; Las Vegas was the runner-up at 32%. “Frankly, we’re in the midst of a downward spiral and the momentum is building,” a home builder tells Bloomberg.

A half-renovated Victorian era home is offered for sale in the Angelino Heights neighborhood of Los Angeles on Monday, Nov. 24, 2008. (AP Photo/Damian Dovarganes)

A reduced price sign is shown at a house for sale in Palo Alto, Calif., Tuesday, Dec. 16, 2008. (AP Photo)

In this Oct. 11, 2008 file photo, a sign indicating a reduced price stands outside an existing home for sale near downtown Cheyenne, Wyo. (AP Photo/David Zalubowski, file)

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Fall record 18% in year to October

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Home Prices Dive, Indicate Gloomy '12

Case-Shiller Home Price Index reverses 5 months of gains

Housing Prices Hit New Recession Low

And there's no bottom in sight

Home Prices Up 3.2% Over July 2009

July numbers up .6% from June, but demand weakening

Millions Considering Walking Away From Mortgages

10% of mortgages expected to be underwater by June

Now's the Time to Buy a New Home

Prices and mortgage rates are down—a 'winning combination'

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Home Prices Take Another Nose-Dive

Fall record 18% in year to October

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OTHER STORIES ON OUR RADAR

housing market • home prices • Case Shiller price index • property values • financial crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Home Prices Dive, Indicate Gloomy '12

Case-Shiller Home Price Index reverses 5 months of gains

Housing Prices Hit New Recession Low

And there's no bottom in sight

Home Prices Up 3.2% Over July 2009

July numbers up .6% from June, but demand weakening

Millions Considering Walking Away From Mortgages

10% of mortgages expected to be underwater by June

Now's the Time to Buy a New Home

Prices and mortgage rates are down—a 'winning combination'

About Us

Site

Newser By Users

Community

Site Maps

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More News

What is Newser?