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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat --- Advertisment --- U.S. Home Prices Drop At Record Pace In First Quarter May 26, 2009 1:55 p.m. EST --- Advertisment --- Mitchell Jaworski - AHN Reporter New York, NY (AHN) - Through the first quarter of 2009 the price of an American home tumbled at the fastest annual pace in 21-years, according to the Standard & Poor's/Case-Shiller National Home Price Index. The index, which tracks prices for 20 major metropolitan areas, fell 19.1 percent in the first quarter. The data, which is as of March, showed a year-over-year price decline of 18.7 percent in the 20-city index. The index also performs a smaller 10-city study, which produced an 18.6 percent decline in March. "Declines in residential real estate continued at a steady pace into March," David M. Blitzer, Chairman of the Index Committee at Standard & Poor's said in a press release. "All 20 metro areas are still showing negative annual rates of change in average home prices with nine of the metro areas having record annual declines." The 20-city index saw home prices decline in 17 cities during March with Detroit and New York posting their own largest monthly decline of 4.9 percent and 2.5 percent, respectively. Minneapolis posted the largest monthly decline in March of the 20 cities tracked as prices slid 6.1 percent from February. The three areas that did not decline in March were Charlotte, Denver and Dallas, where prices were either flat or up less than 1 percent. The index did show that nine of the cities have posted slowing price declines over the past two months. U.S. homes prices have fallen 32.2 percent since hitting their peak in the spring of 2006 and are now at levels last seen in 2002. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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