NEW YORK — A widely watched index shows home prices dropping by the sharpest annual rate on record in the third quarter.
The Standard & Poor's/Case-Shiller U.S. National Home Price Index released Tuesday tumbled a record 16.6 percent during the quarter from the same period a year ago. Prices are at levels not seen since the first quarter of 2004.
The monthly indices also clocked in record declines. The 20-city index fell by 17.4 percent in September compared with a year ago, the largest drop since its inception in 2000. The 10-city index plunged 18.6 percent, the biggest decline in its 21-year history.
No city in the Case-Shiller 20-city index saw annual price gains in September — for the sixth straight month.
___
Copyright 2008, The Associated Press. The information contained in the AP Online news report may not be published, broadcast or redistributed without the prior written authority of The Associated Press.
