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Home Prices Make Steepest Drop in 20 Years, Survey Says
Tuesday, August 28, 2007
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NEW YORK — U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since Standard & Poor's began its nationwide housing index in 1987, the group said Tuesday.
The decline in home prices around the nation shows no evidence of a market recovery anytime soon.
MacroMarkets LLC Chief Economist Robert Shiller said the declining residential real estate market "shows no signs of slowing down."
The index tracks the price trends among existing single-family homes across the nation compared with a year earlier .
A separate S&P/Case-Shiller index that covers 20 U.S. cities fell 3.5 percent from a year earlier. A 10-city index fell 4.1 percent from a year earlier.
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