Home Prices Decline Record in July

New York, NY, Sept. 30, 2008--Home prices tumbled by the sharpest annual rate ever in July, but the rate of decline is slowing, according to the Standard & Poor's/Case-Shiller 20-city housing index.

The index released Tuesday fell a record 16.3 percent in July from the year-ago period, the largest drop since its inception in 2000. The 10-city index plunged 17.5 percent, its biggest decline in its 21-year history.

Home values in all 20 cities fell year-over-year, with Las Vegas prices plunging the most at nearly 30 percent.

However, the pace of declines has slowed over the last three months, but there is still no sign of a bottom, one of the index creators said.