December Decline in Home Prices Sets a Record

New York, NY, February 26, 2008--Home prices fell in December by the most on record, according to the S&P/Case-Shiller home-price index.

The index dropped 9.1 percent from December 2006, after a 7.7 percent decrease in November. Nationally, home prices fell 8.9 percent in the fourth quarter from a year earlier, the biggest decline in at least 20 years.

December's fall was the 12th monthly decline in a row and the biggest since the group began keeping records on the 20-cities index in 2001.

December home prices fell 2.1 percent from November, following a similar decline in November, the report said.

All but three of the 20 cities in the index showed year- over-year declines in prices in December, led by a 17.5 percent decrease in Miami.