Report: Home Prices Post Record Decline in 2Q

New York, NY, August 28, 2007--Data through June released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, shows continued losses in the U.S. National Home Price Index, the 10-City Composite and the 20-City Composite, as well as 15 of the 20 metro area indices.

The quarterly S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, was down 0.9% from Q1 2007 and down 3.2% from Q2 2006.

“The pullback in the U.S. residential real estate market is showing no signs of slowing down,” says Robert J. Shiller, Chief Economist at MacroMarkets LLC. “The year-over-year decline reported in the 2nd quarter of 2007 for the National Home Price Index is the lowest point in its reported history, which dates back to January 1987. On a regional level 17 of the 20 metro areas are showing declines in their annual growth rate from what was reported in May.”