Home Prices Record Drop in January

2009 March 31

March 31 2009 - The decline in housing prices maintained its record-breaking descent in January, according to data released Tuesday.

Standard & Poor’s Case-Shiller Home Price Index, a widely watched measure of 20 metropolitan areas, fell 19 percent in January from January 2008. That was slightly faster than it dropped in December.

The worst hit metropolitan areas have now fallen nearly in half. None of the cities showed month-to-month improvements. Thirteen showed record annual rates of decline.

“There’s no daylight that I can see in this report,” said David Blitzer, chairman of the index committee at S.&P.

Phoenix is down 48.5 percent from its June 2006 peak, with Las Vegas not far behind. Dallas was the city with the smallest decline from its peak, 10.8 percent.

Record Drop in January Index of Home Prices

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