S&P: Prices of Single-Family Homes Drop

Prices of existing U.S. single-family homes slumped 8.9 percent in the fourth quarter versus a year earlier, the largest decline in the 20-year history of a national home price index released on Tuesday.

Published on February 26, 2008

The S&P/Case-Shiller composite index of 10 metropolitan areas fell 2.3 percent in December versus November, to 200.55, and fell 9.8 percent year-over-year, S&P said in a statement.

The composite index for 20 metropolitan areas fell 2.1 percent to 184.86 in December from November, and fell 9.1 percent year-over-year.