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S&P/Case-Shiller Home Price Index Falls Record 10.7%

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w¡n9Nµ7 §£@¥€r   123

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Home prices in 20 U.S. metropolitan areas fell in January by the most on record, a sign the housing recession is deepening, a private survey showed today.

The S&P/Case-Shiller home-price index dropped 10.7 percent from January 2007, after a 9 percent decrease in December. The gauge has fallen for 13 consecutive months.

...

All but one of the 20 cities in the index showed year-over- year declines in prices in January, led by drops of 19.3 percent in Las Vegas and Miami. Prices rose in Charlotte.

...

"Prices have reached what might be called a fair value,'' Dan North, chief U.S. economist at Euler Hermes ACI in Owings Mills, Maryland, said in a Bloomberg Television interview before the report. ``However, prices have still got to go substantially past that'' to trigger demand and a recovery.

http://www.bloomberg.com/apps/news?pid=206...&refer=home

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