Big-City Home Prices Take Record Plunge
Home prices dropped by the biggest annual rate on record in October, according to a key index released moments ago, stoking fears that the plummeting housing market has yet to find a bottom.
According to the S&P/Case-Shiller home price index, 20 of the largest U.S. metro areas showed a record 18 percent rate of decline in October compared with October 2007.
Home prices in the Washington area dropped 2.7 percent from October of 2007 to October of this year, according to the index.
The October-to-October numbers are the most recent available; the lag time in releasing the data is owed to analysis.
Home prices in the 20-city index have tumbled more than 23 percent from their peak in July 2006, which many analysts peg as the peak of the housing bubble.
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