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.