Home Prices Fall at Record Rate

Home prices in 20 major metropolitan areas in the U.S. fell 18 percent from October 2007 to October 2008, continuing a nationwide trend of plunging home values, according to a Standard and Poor's report released today.

The October 2008 Standard & Poor's/Case-Shiller Home Price Indices measure changes in residential housing values in 20 metropolitan markets across the U.S. According to CNNMoney.com, the report shows that "sunbelt cities suffered the most," with Phoenix home prices down 32.7%, Las Vegas down 31.7%, San Francisco 31%, and dramatic declines in home values in Miami, Los Angeles and San Diego. The Wall Street Journal reports that "The glut of housing remains as credit stays tight and the economic outlook remains bleak as mounting job losses have added more stress to U.S. households."

• October 2008 Standard & Poor's/Case-Shiller Home Price Indices
• CNNMoney.com: Home Prices Post Record 18% Drop
• Wall Street Journal: Case-Shiller Index Shows Sharpest Home-Price Declines in Sun Belt
• Washington Post: Consumer Confidence at Record Low; Home Prices Drop 18 Percent in October
• The Home Buying Process (FindLaw)
• Real Estate Center (FindLaw)