U.S. housing prices show 19% annual drop
Last Updated: Tuesday, March 31, 2009 | 10:15 AM ET
The Associated Press
A widely watched index shows American home prices dropped by the sharpest annual rate on record in January.
The Standard & Poor's/Case-Shiller 20-city housing index released Tuesday tumbled by a record 19 per cent from January 2008.
It was the largest decline since the index started in 2000. The 10-city index dropped 19.4 per cent, also a record.
All 20 cities in the report showed monthly and annual price declines.
Prices in the 20-city index have plummeted 29 per cent from their peak in summer 2006, while the 10-city index has fallen 30 per cent.
Prices are at levels not seen since late 2003.
© The Canadian Press, 2009
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