Home Prices Continue Steep Decline

New York, NY, April 29, 2008--The Standard & Poor's/Case-Shiller home price index of 20 cities shows that U.S. home prices fell by 12.7 percent in February versus last year, with 17 of the 20 metro areas reporting record annual declines.

The index also showed Tuesday that home values in 10 cities plunged by double digits, led by Las Vegas and Miami. Only Charlotte, N.C., posted a positive return year-over-year.

All 20 metro areas have declined for six straight months.

The narrower 10-city index also set a record monthly decline of 13.6 percent.