Home Prices Tumble at Record Pace in May

New York, NY, July 29, 2008-- Home prices fell at the fastest rate ever in May, according to the Standard & Poor's/Case-Shiller 20-city index.

The index dropped by 15.8 percent in May compared with a year ago, a record decline since its inception in 2000. The 10-city index plunged 16.9 percent, its biggest decline in its 21-year history.

No city in the index saw price gains in May, the second straight month that's happened. The monthly indices have not recorded an overall home price increase in any month since August 2006.

Home values have fallen 18.4 percent since the 20-city index's peak in July 2006.

Nine metropolitan cities -- Las Vegas, Miami, Phoenix, Los Angeles, San Diego, San Francisco, Seattle, Wash., Portland, Ore., and Washington, D.C. -- posted record lows in May. And the value of housing in Detroit is now lower than it was in 2000.

However, Tampa, Fla., Boston, Detroit, Minneapolis, New York, Dallas and Atlanta -- showed smaller annual declines.

Las Vegas recorded the worst drop, with prices plunging 28.4 percent in the month. Miami came in a close second, with prices down 28.3 percent.

Charlotte, N.C., posted the smallest drop at 0.2 percent. Until April, the North Carolina city had been the last metro still showing price gains.